Food Stores in Lebanon Shutter as Currency Crashes
Lebanon’s currency crashed to a new low forcing food stores to shut their doors or limit orders fearing that importers will not be able to obtain dollars to buy more food.
The currency crash on Tuesday came as protesters blocked roads and burned tires in Beirut in protest against the record depreciation of the local currency and the current economic crisis.
Lebanon is largely reliant on food imports.
The Lebanese pound fell to 15,000 to the dollar on Tuesday, meaning that it had lost one-third of its value in the last two weeks. It has now fallen by 90% since late 2019, Reuters reported.
On Wednesday, international air organizations agreed to hand out assistance in dollars, Reuters reported.