Protests continue in Beirut after Lebanon pound hits all-time low

BEIRUT, LEBANON - MARCH 08: Lebanese activists on Monday (Mar. 8) continued to protest in Beirut, the capital of Lebanon, over significant depreciation in the LNsan Diab's government resigned six days after a catastrophic explosion rocked Beirut’s port last August, killing over 200 people.The protesters blocked the roads with dumpsters and burned tires in the city center to voice their anger against the economic situation in the Middle Eastern country.Last Wednesday (Mar. 3) exchange offices in the country sold the US dollar for LL10,000 for the first time in Lebanon’s history, surpassing the previous record of LL9,800 from July 2, 2020.On the same day Lebanese President Michel Aoun asked the governor of the Lebanese Central Bank to investigate the causes that led to a new record devaluation of the country's currency and to expose any suspicious practices behind the pound's fresh loss.The Lebanese economy, which is very fragile in terms of political divisions based on different religions and sects, is experiencing the biggest crisis since the civil war in 1975-1990.The Lira depreciation deteriorated the minimum wage and living conditions, including inflation of essential goods. The minimum wage of LL675,000 is now worth around $68.On Tuesday, the Lebanese pound fell to 10,000 to the US dollar, putting further pressure on the already deteriorating economy and living conditions.As basic needs such as food, medicine, and fuel are imported in dollars, the exchange rate in the black market directly causes the increase in the cost of living in the country.The country has been suffering from a devastated economy, with the World Bank projected in November 2019, that 50% of Lebanon’s population could go under the poverty line in 2020.The economic situation was further deepened with the blasts at Beirut port in August last year. (Footage by Mahmut Geldi/Anadolu Agency via Getty Images)