Lebanon’s president is heading a meeting of the country’s top economic officials as the Mediterranean nation slides deeper into a financial crisis.
Nationwide protests that began Oct. 17 over widespread corruption and mismanagement have worsened Lebanon’s worst economic and financial crisis in three decades so did the resignation of the government late last month.
Friday’s meeting is being attended by the ministers of economy and finance as well as Central Bank administrators and the head of the banking association.
Protesters chant slogans during ongoing protests against the Lebanese political class, as riot police stand guard in front of a Finance Ministry building in Beirut, Lebanon, Friday, Nov. 29, 2019. Protesters have been holding demonstrations since Oct. 17 demanding an end to widespread corruption and mismanagement by the political class that has ruled the country for three decades. (AP PhotoBilal Hussein)
Lebanon is one of the world’s highest indebted countries and the country’s banking sector has imposed unprecedented capital control amid a widespread shortage of dollars.
The price of the dollar dropped 40 percent on the black market after it was stable at 1,507 pounds to the dollar since 1997.
Protesters chant slogans during ongoing protests against the Lebanese political class, in front of a Finance Ministry building in Beirut, Lebanon, Friday, Nov. 29, 2019. Protesters have been holding demonstrations since Oct. 17 demanding an end to widespread corruption and mismanagement by the political class that has ruled the country for three decades. (AP PhotoBilal Hussein)
A protester with a tattoo on her arm that reads in Arabic "Love revolution" chants slogans, during ongoing protests against the Lebanese political class, in front of a Finance Ministry building in Beirut, Lebanon, Friday, Nov. 29, 2019. Protesters have been holding demonstrations since Oct. 17 demanding an end to widespread corruption and mismanagement by the political class that has ruled the country for three decades. (AP PhotoBilal Hussein)
A man passes by a gas station that is closed during a protest against tight supply of dollars from the central bank in Beirut, Lebanon, Friday, Nov. 29, 2019. The Arabic banner reads: "Strike!! Strike!! Because we cannot purchase the U.S. dollar." The Lebanon's economic emergency has ignited nationwide protests against allegations of widespread corruption and mismanagement, bringing the country to a standstill. (AP PhotoBilal Hussein)