A new wave of protests paralyzed Lebanon on Wednesday after President Michel Aou...
Despite the depth of the economic crisis, the worst since the 1975-90 civil war, leaders have not been able to agree a new cabinet. Lebanon’s dollar bonds slumped further on Wednesday.
“We accept this government should reflect a political balance in the country, but through specialists, not the traditional candidates of politicians that usually come into the government,” a source close to Hariri said. The Lebanese pound weakened further on the black market. Dollars were being offered at 1,850 pounds compared to 1,820 on Tuesday, an exchange dealer said, around 23% weaker than the official rate of 1,507.5 pounds. The weakening pound has led some shops to hike prices of imported goods in Lebanese pounds.
Banks, which shut for half of October during the protests, closed on Tuesday and again on Wednesday in strike action by bank employees who are concerned about security risks posed by depositors demanding their money and protesters.Aoun called on Lebanese not to rush to the banks, saying their money was safe. He also said Lebanese were keeping dollars “under the pillow”, referring to money kept at home.
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