AFP / Mahmoud ZAYYATA
Lebanese protester on a highway amid new demonstrations in multiple locations on Friday, in this instance in the southern coastal town of Ghazieh
Hundreds protested for a second night over the Lebanese authorities' handling of a deepening economic crisis, despite the government pledging on Friday to inject dollars into the market to bolster the sagging currency.
In one incident in central Beirut, roughly 200 young men gathered on mopeds, some of them defacinshg op fronts and setting fire to stores. Some chanted against sectarianism.
Hundreds protested for a second night over the Lebanese authorities' handling of a deepening economic crisis, despite the government pledging on Friday to inject dollars into the market to bolster the sagging currency.
In one incident in central Beirut, roughly 200 young men gathered on mopeds, some of them defacinshg op fronts and setting fire to stores. Some chanted against sectarianism.
Security forces fired tear gas to disperse them and some of the young men threw stones and fire crackers back. Tension petered out after midnight.
In the northern city of Tripoli, the army dispersed hundreds shouting "revolution, revolution".
Demonstrators had thrown stones and Molotov cocktails toward the soldiers and damaged the facades of several banks and shops. Soldiers responded with tear gas.
After a crisis meeting on Friday, President Michel Aoun announced that the central bank would implement measures from Monday including "feeding dollars into the market", in a bid to support the Lebanese pound.
But 17-year-old Wael, protesting in Tripoli, was not impressed: "I just want a job so I can live. We don't believe all the measures taken by the government to improve the dollar exchange rate."
AFP / Ibrahim CHALHOUB
A man cleans up outside a bank that was vandalised by protesters in Lebanon's northern city of Tripoli
Lebanese media reported that the exchange rate had tumbled to 6,000 per dollar on the black market early on Friday, compared to the official peg of 1,507 in place since 1997.
Protesters had initially taken to the streets after sundown on Thursday, railing against the spiralling cost of living and the government's apparent impotence in the face of the worst economic turmoil since the 1975-1990 civil war.
They had also rallied against the governor of the central bank, Riad Salame.
- Central bank chief under fire -
Lebanese media reported that the exchange rate had tumbled to 6,000 per dollar on the black market early on Friday, compared to the official peg of 1,507 in place since 1997.
Protesters had initially taken to the streets after sundown on Thursday, railing against the spiralling cost of living and the government's apparent impotence in the face of the worst economic turmoil since the 1975-1990 civil war.
They had also rallied against the governor of the central bank, Riad Salame.
- Central bank chief under fire -
AFP / ANWAR AMRO
Demonstrators see Lebanon's political class as corrupt and incompetent
Parliament Speaker Nabih Berri, who attended Friday's meeting with the president alongside Prime Minister Hassan Diab, said the government's measures aimed to bring the exchange rate to stronger than 4,000 pounds to the dollar.
The black market rate had appreciated to below 4,500 on Friday evening after the president's announcement, two dealers said.
Tensions have grown recently between the government, which is backed by Shiite movement Hezbollah, and the central bank's governor.
Experts say the cabinet would like to see Salame removed from the position he has held since 1993.
Protesters accuse him of having encouraged state borrowing over the decades that they say benefited only the banking and political elite.
Anger against banks has risen in recent months, after they banned all transfers abroad and gradually restricted dollar withdrawals, forcing those in need to buy the greenback at unattractive rates on the black market.
"Several currents taking part in the protests want to topple the central bank governor and hold him accountable for the financial" crisis, among them Hezbollah, Lebanese American University professor Imad Salamey told AFP.
Hezbollah supporters joined the demonstrations late Thursday, despite usually being against the protest movement that began in October.
The previous government stepped down under street pressure just weeks into the demonstrations that began in October, and Diab's cabinet began work earlier this year.
- 'Middle class obliterated' -
Parliament Speaker Nabih Berri, who attended Friday's meeting with the president alongside Prime Minister Hassan Diab, said the government's measures aimed to bring the exchange rate to stronger than 4,000 pounds to the dollar.
The black market rate had appreciated to below 4,500 on Friday evening after the president's announcement, two dealers said.
Tensions have grown recently between the government, which is backed by Shiite movement Hezbollah, and the central bank's governor.
Experts say the cabinet would like to see Salame removed from the position he has held since 1993.
Protesters accuse him of having encouraged state borrowing over the decades that they say benefited only the banking and political elite.
Anger against banks has risen in recent months, after they banned all transfers abroad and gradually restricted dollar withdrawals, forcing those in need to buy the greenback at unattractive rates on the black market.
"Several currents taking part in the protests want to topple the central bank governor and hold him accountable for the financial" crisis, among them Hezbollah, Lebanese American University professor Imad Salamey told AFP.
Hezbollah supporters joined the demonstrations late Thursday, despite usually being against the protest movement that began in October.
The previous government stepped down under street pressure just weeks into the demonstrations that began in October, and Diab's cabinet began work earlier this year.
- 'Middle class obliterated' -
AFP / ANWAR AMRO
Lebanese soldiers rest during a lull in a demonstration in Beirut
"The economic situation has further deteriorated... The middle class has been obliterated," said Hilal Khashan, a professor at the American University of Beirut.
"But I don't think the government will collapse."
The central bank late Thursday hit out at "baseless" information on social media of "exchange rates at levels far from reality, which mislead citizens".
Lebanon -- one of the most indebted countries in the world with a sovereign debt of more than 170 percent of its GDP -- went into default in March.
It started talks with the International Monetary Fund last month in a bid to unlock billions of dollars in financial aid. Dialogue is ongoing.
Unemployment has soared to 35 percent nationwide.
The country enforced a lockdown in mid-March to stem the spread of the novel coronavirus, dealing a further blow to businesses.
Lebanon has recorded some of the pandemic's best declared metrics in the Middle East, with just 1,422 cases of COVID-19, including 31 deaths
"The economic situation has further deteriorated... The middle class has been obliterated," said Hilal Khashan, a professor at the American University of Beirut.
"But I don't think the government will collapse."
The central bank late Thursday hit out at "baseless" information on social media of "exchange rates at levels far from reality, which mislead citizens".
Lebanon -- one of the most indebted countries in the world with a sovereign debt of more than 170 percent of its GDP -- went into default in March.
It started talks with the International Monetary Fund last month in a bid to unlock billions of dollars in financial aid. Dialogue is ongoing.
Unemployment has soared to 35 percent nationwide.
The country enforced a lockdown in mid-March to stem the spread of the novel coronavirus, dealing a further blow to businesses.
Lebanon has recorded some of the pandemic's best declared metrics in the Middle East, with just 1,422 cases of COVID-19, including 31 deaths
Lebanese pound hits new low despite govt efforts, sparking protests
AFP / Patrick BAZ
Protesters block a highway in Jal el Dib during a demonstration against dire economic conditions in Lebanon
The Lebanese pound sank to a record low on the black market on Thursday despite the authorities' attempts to halt the plunge of the crisis-hit country's currency, sparking a flare-up in anti-government protests.
Lebanon is in the grip of its worst economic turmoil in decades and holding talks with the International Monetary Fund to secure billions in aid.
A prolonged economic downturn was the major grievance that sparked unprecedented mass protests in October last year against the political class, accused of corruption and incompetence.
Protests broke out again on Thursday, with roads blocked across the country, and security forces fired tear gas to disperse demonstrators.
A throng of protesters blocked a key road in the centre of the capital Beirut, an AFP journalist reported.
"Thief, thief, Riad Salame is a thief!" demonstrators chanted, referring to the governor of the central bank.
Demonstrators also chanted slogans of national unity, after sectarian clashes shook Beirut during protests last weekend.
"People can't take it anymore, that's enough," said Haitham, a protester in central Beirut.
"People have no work, no food to eat. They cannot buy medicines, nappies or milk for their children."
The Lebanese pound sank to a record low on the black market on Thursday despite the authorities' attempts to halt the plunge of the crisis-hit country's currency, sparking a flare-up in anti-government protests.
Lebanon is in the grip of its worst economic turmoil in decades and holding talks with the International Monetary Fund to secure billions in aid.
A prolonged economic downturn was the major grievance that sparked unprecedented mass protests in October last year against the political class, accused of corruption and incompetence.
Protests broke out again on Thursday, with roads blocked across the country, and security forces fired tear gas to disperse demonstrators.
A throng of protesters blocked a key road in the centre of the capital Beirut, an AFP journalist reported.
"Thief, thief, Riad Salame is a thief!" demonstrators chanted, referring to the governor of the central bank.
Demonstrators also chanted slogans of national unity, after sectarian clashes shook Beirut during protests last weekend.
"People can't take it anymore, that's enough," said Haitham, a protester in central Beirut.
"People have no work, no food to eat. They cannot buy medicines, nappies or milk for their children."
In the centre of the capital, near Riad al-Solh square, security forces fired tear gas to disperse protesters who threw stones, according to local television.
In the northern city of Tripoli, the army also fired tear gas to disperse demonstrators who had tried to take over the local branch of the Central Bank, according to the state news agency ANI, adding that eight people were wounded.
A Molotov cocktail set fire to trees in front of the building, an AFP correspondent witnessed.
- Tumbling currency -
The Lebanese pound remains officially pegged to the US currency at a rate of 1,507 per dollar but its value has tumbled on the black market.
In the northern city of Tripoli, the army also fired tear gas to disperse demonstrators who had tried to take over the local branch of the Central Bank, according to the state news agency ANI, adding that eight people were wounded.
A Molotov cocktail set fire to trees in front of the building, an AFP correspondent witnessed.
- Tumbling currency -
The Lebanese pound remains officially pegged to the US currency at a rate of 1,507 per dollar but its value has tumbled on the black market.
AFP / Fathi AL-MASRI
Protesters burn tires as they demonstrate against dire economic conditions in Lebanon's northern city of Tripoli
Rates from three money changers on Thursday morning indicated it had lost almost 70 percent of its value compared with the official rate.
One money changer who asked to remain anonymous said he was selling dollars at a rate of 5,000 pounds and buying them at 4,800. Another in Beirut's Dahiya neighbourhood was buying dollars for 4,850 pounds.
The new nadir came despite government pledges to halt the pound's devaluation, and the money changers' union issuing a maximum daily buying rate of 3,890 and selling rate of 3,940.
On Thursday evening, a central bank statement cited by local media hit out at "baseless" information on social media of "exchange rates at levels far from reality, which mislead citizens".
The office of Prime Minister Hassan Diab announced an urgent cabinet meeting would be held on Friday to discuss the situation.
Lebanese banks have gradually restricted dollar withdrawals since late last year, forcing those in need to buy them at a higher rate on the black market.
An AFP photographer said on Thursday that many money-changing shops had closed, citing a lack of dollars.
In an apparent bid to better oversee the exchange market, the central bank is set to launch an online platform on June 23 through which changers will be asked to register all operations.
- Buying power battered -
Lebanon's economic crunch has caused poverty to soar to 45 percent of the population and pushed unemployment up by 35 percent.
It has also sparked steep inflation, including on imported products.
Nabil, a retired 64-year-old, said his buying power had taken a blow.
"Yesterday I went to a home appliance store to buy a fridge, and the salesman asked me for $1,200 in cash, or the equivalent at an exchange rate of 5,000, which is six million pounds," he said.
"That's twice my monthly pension."
Lebanon needs "emergency external assistance to ward off the worst social consequences of the crisis", analysts from the International Crisis Group warned on Monday.
The country defaulted on its debt in March for the first time in its history.
Rates from three money changers on Thursday morning indicated it had lost almost 70 percent of its value compared with the official rate.
One money changer who asked to remain anonymous said he was selling dollars at a rate of 5,000 pounds and buying them at 4,800. Another in Beirut's Dahiya neighbourhood was buying dollars for 4,850 pounds.
The new nadir came despite government pledges to halt the pound's devaluation, and the money changers' union issuing a maximum daily buying rate of 3,890 and selling rate of 3,940.
On Thursday evening, a central bank statement cited by local media hit out at "baseless" information on social media of "exchange rates at levels far from reality, which mislead citizens".
The office of Prime Minister Hassan Diab announced an urgent cabinet meeting would be held on Friday to discuss the situation.
Lebanese banks have gradually restricted dollar withdrawals since late last year, forcing those in need to buy them at a higher rate on the black market.
An AFP photographer said on Thursday that many money-changing shops had closed, citing a lack of dollars.
In an apparent bid to better oversee the exchange market, the central bank is set to launch an online platform on June 23 through which changers will be asked to register all operations.
- Buying power battered -
Lebanon's economic crunch has caused poverty to soar to 45 percent of the population and pushed unemployment up by 35 percent.
It has also sparked steep inflation, including on imported products.
Nabil, a retired 64-year-old, said his buying power had taken a blow.
"Yesterday I went to a home appliance store to buy a fridge, and the salesman asked me for $1,200 in cash, or the equivalent at an exchange rate of 5,000, which is six million pounds," he said.
"That's twice my monthly pension."
Lebanon needs "emergency external assistance to ward off the worst social consequences of the crisis", analysts from the International Crisis Group warned on Monday.
The country defaulted on its debt in March for the first time in its history.
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