Islam Times - Unprecedented Economic Collapse Hits Lebanon: 32,000 L.L. for Every US Dollar

Islam Times - Shocked by the gradual collapse of the national economy, the Lebanese people observe the reflections of the unprecedented crisis on all the daily life aspects.

The US siege has blocked the dollar flow into the country, turning the green papers into a fortune exchanged by those who possess them. Moreover, the local corruption as well as embezzlement has destroyed the pillars of the national economy.

The public services have started to dwindle and run out gradually since the beginning of the crisis. In this regard, the Lebanese citizens suffer to obtain the sources of energy, electric power, cyber network, and telecommunication services.

However, the exchange rate of the national currency against the US dollar is the main part of the crisis. On Monday, it was trading at nearly 32,100 pounds to the dollar on the black market, according to media reports.

The unprecedented inflation rate and economic collapse hitting Lebanon will lead the nation into historic scenes of poverty and agony. This imposes on the competent authorities to take the needed measures in order to cope with the woe.