BEIRUT (AP) – The Lebanese pound continued to slide in price and hit its lowest level against the dollar on Wednesday, raising such alarm that a powerful politician asked to declare a « state of financial emergency. » The Lebanese currency was reportedly selling for £ 6,200 per dollar, losing more than 75% of its value. It has been trading at £ 1,500 per dollar since 1997. Despite government efforts to curb the collapse of its currency – even selling dollars on the market and setting a higher exchange rate for specific transactions – chaos prevailed and the black market for currencies continued to flourish. The heavily indebted Lebanon was already in the midst of an economic and financial crisis, when things worsened in March with the coronavirus pandemic. Political rivalries have complicated negotiations with the International Monetary Fund, which the Lebanese government last month asked for $ 10 billion in financial assistance.

On Wednesday, veteran parliamentary leader Nabih Berri said the collapse of the Lebanese currency is a signal for the government, central bank and private banks to declare a « state of financial emergency » in order to review measures to protect the currency. local. He did not elaborate, but said the devaluation appeared to have a « dubious and coordinated » origin. Berri said Lebanon has become « a bottomless basket » that nobody wants to help. Dozens of protesters marched through the southern city of Tire chanting slogans against the banks. « They sell the country for the benefit of the dollar, » protesters shouted.