by Naharnet — Lebanese stood in queues in their vehicles on Wednesday as the country witnessed a gradual increase in gasoline prices, one of Lebanon’s multiple plights bringing the country to its knees amid total political failure to address an almost two-year crisis. Frustrated Lebanese queued at petrol stations across the country and lines of […]

BEIRUT (AP) Sarah el Deeb  — Lebanon’s president called Wednesday on the prime minister-designate to form a government immediately or step aside as the country plunges deeper into economic crisis. In turn, Prime Minister-designate Saad Hariri swiftly challenged President Michel Aoun to step down — a sign of a prolonged political crisis. The intractable political battle comes against the backdrop of an economic crash that is proving to be the most serious challenge to the small country’s stability since its 15-year civil war ended in 1990. In a televised statement Wednesday, Aoun said that Cabinet lists proposed by Hariri, who was named to the post of premier last October, did not meet the minimum requirements needed to preserve national accord.

Aoun urged Hariri to meet him at the presidential palace and work together on forming a government or step aside if they cannot agree. The call seems an attempt to deflect blame for months-long political battle in which both sides have traded accusations of obstruction. In response, Hariri tweeted that he was surprised by the president’s televised invitation and instead urged Aoun to approve Hariri’s last list, which he described as consisting of experts and not political nominees. Hariri also called on Aoun to spare the Lebanese more suffering by allowing early presidential elections, and challenging him to spell out why he has so far declined all Cabinets proposed by the premier-designate.

By Najia Houssari — arabnews ––  The dollar exchange rate in the Lebanese black market has lost its ceiling, as the pound jumped on Tuesday from 13,000 to 15,000 against the US dollar. Angry protestors took to the streets and forced owners of grocery stores to close, while others voluntarily decided to close and announced that “they will remain closed until further notice and until all this dollar madness stops.” Bakery owners threatened to stop making bread, gas station owners threatened to stop selling. Turmoil prevailed on Tuesday, where protesters closed roads in Beirut. The impasses reached Bliss Street across the American University of Beirut and the upscale Koraytem neighborhood. Protestors burned tires near the Banque Du Liban and other banks and broke the facades of grocery stores. Roads linking main regions in Lebanon were blocked, including those in the southern city of Naqoura. In Tripoli, protestors headed to politicians’ houses and smashed their security cameras.

Working mothers also took to the streets, along with their children, and protested outside the Serail government building in Nabatiyeh, south Lebanon. Ilda Mazraani said: “We are women working both in the private and public sectors. Our salaries have collapsed, and our concerns have increased.” She urged politicians to “act fast to address this deterioration and save the country and the future of our children.” A copy of a document issued by the Lebanese General Security circulated on social media about “the possibility of an escalation in the streets that can reach armed operations targeting the houses of politicians.” The document added: “Information indicates that chaos, subversion, and the use of arms in the streets will prevail, as well as looting and scores’ settling under the pretext of the dramatic increase of the dollar exchange rate and the rising cost of living in implementation of political agendas, which can all break out at any moment now.”

By NAJIA HOUSSARI — arabnews — BEIRUT: Lebanese supermarkets halted sales and businesses closed their doors on Saturday as the country’s embattled currency slumped to a record low on the black market. With the dollar exchange rate exceeding 12,000 Lebanese pounds, panic erupted on the streets as shopkeepers and major outlets stopped selling goods to avoid incurring losses. Amid growing alarm at the country’s increasingly precarious state, activists in working-class areas in Mount Lebanon climbed the minarets of mosques and called on people to take to the streets. A spokesperson for the Oct. 17 revolution said: “We will stay in the squares until the corrupt system falls.” Hundreds of protesters in Martyrs’ Square in downtown Beirut pounded on metal barriers blocking access to parliament and hurled rocks at security forces manning roadblocks. Anti-riot personnel launched tear-gas grenades after violent clashes erupted between protesters and security forces.

In the past three days, Lebanon’s currency has endured a roller-coaster ride, rising to 9,000 Lebanese pounds against the dollar before falling to 10,000 Lebanese pounds. But in a dramatic collapse on Saturday, the Lebanese pound fell from 11,750 to 12,200 against the dollar, with the slump worsening by the hour despite efforts to close online trading platforms. Economist Louis Hobeika told Arab News: “The strong demand for the dollar is caused by the decline in confidence in the country. People are panicking about the future.” Hobeika rejected the idea that banks are buying up dollars. “The dollar trading volume in the Lebanese market does not exceed $2.5 million. The banks want to increase their capital on the request of the Banque du Liban collectively and need $3.5 billion — and this cannot be secured from the Lebanese market.”

MOSCOW (Sputnik ) Lebanon’s ongoing Currency meltdown has impacted the country’s foodstuff market, with cheaper foreign brands and domestically-manufactured goods rising to prominence on the shelves of local shops, the head of the Lebanese Syndicate of Importers of Foodstuff, Hani Bohsali, told Sputnik. “Importing brands with good value for money from Turkey or Greece or […]

by AP — Lebanon’s currency plummeted to a new record low on Saturday, continuing its crash amid a worsening economic crisis that has triggered near-daily protests throughout the tiny country. Among the Saturday afternoon protests was a small one near parliament, where riot police fired tear gas to disperse scores of young men throwing stones […]

By NAJIA HOUSSARI — arabnews.com — BEIRUT: The Lebanese parliament on Friday approved a $246 million World Bank emergency assistance plan to support struggling families and strengthen the social safety net amid the country’s worst economic and health crisis in decades. Under the relief plan, 161,251 families classified as the poorest in Lebanon will receive 800,000 Lebanese pounds ($80) per month per family for one year. The aid program will be implemented under the supervision of the World Bank. The emergency package is expected to reduce mounting resentment against the country’s political leadership, which is widely blamed for the economic collapse and parliamentary stalemate. Mohammed Fahmy, the caretaker interior minister, warned of “a diminishing security situation,” adding that “security is a product of politics, and all the country’s systems have diminished.” He said: “We are part of the people and we are hungry. The political forces must resolve the obstacles to form a rescue government as soon as possible. “We can no longer take it. The situation is very bad, the country is exposed, and I am sounding the alarm.”

French Foreign Minister Jean-Yves Le Drian warned on Thursday that “time is running out to prevent the collapse of Lebanon, and we do not see any indication that Lebanese politicians are doing what they can to save their country.” The approval of aid follows growing protests against the economic meltdown. Protesters attempted to march on the UNESCO Palace in Beirut while a parliamentary session took place, but tight security measures stopped them from reaching the venue. Meanwhile, the dollar exchange rate on the black market in some regions reached new highs of 11,000 Lebanese pounds. As the dollar exchange rate soars, the price of essential materials and commodities is increasing, while the value of people’s wages continues to decline.

by english.alaraby.co.uk — France and the United States hit out at Lebanon’s warring politicians on Thursday, with Paris saying they were failing to help the country as it slid towards “total collapse”. “It’s tempting to say it is a case of non-assistance to a country in danger by Lebanese politicians,” French Foreign Minister Jean-Yves Le […]

By NAJIA HOUSSARI – Arabnews.com — BEIRUT: Lebanese supermarkets halted sales and businesses closed their doors on Saturday as the country’s embattled currency slumped to a record low on the black market. With the dollar exchange rate exceeding 12,000 Lebanese pounds, panic erupted on the streets as shopkeepers and major outlets stopped selling goods to avoid incurring losses. Amid growing alarm at the country’s increasingly precarious state, activists in working-class areas in Mount Lebanon climbed the minarets of mosques and called on people to take to the streets. A spokesperson for the Oct. 17 revolution said: “We will stay in the squares until the corrupt system falls.” Hundreds of protesters in Martyrs’ Square in downtown Beirut pounded on metal barriers blocking access to parliament and hurled rocks at security forces manning roadblocks. Anti-riot personnel launched tear-gas grenades after violent clashes erupted between protesters and security forces.

In the past three days, Lebanon’s currency has endured a roller-coaster ride, rising to 9,000 Lebanese pounds against the dollar before falling to 10,000 Lebanese pounds. But in a dramatic collapse on Saturday, the Lebanese pound fell from 11,750 to 12,200 against the dollar, with the slump worsening by the hour despite efforts to close online trading platforms. Economist Louis Hobeika told Arab News: “The strong demand for the dollar is caused by the decline in confidence in the country. People are panicking about the future.” Hobeika rejected the idea that banks are buying up dollars. “The dollar trading volume in the Lebanese market does not exceed $2.5 million. The banks want to increase their capital on the request of the Banque du Liban collectively and need $3.5 billion — and this cannot be secured from the Lebanese market.” Protesters traveled to Martyrs’ Square from different regions, with retired soldiers leading many groups.

by arabnews — LONDON: A video of a Lebanese public policy consultant and activist ripping apart the government during a TV debate went viral on social media platforms Thursday, with many lebanese sharing it as a way to express their mounting frustration with the current situation in their country. Sara El-Yafi was highlighting the severity […]