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 …

by AP — Lebanon’s currency plummeted to a new record low on Saturday, continuing its crash amid a worsening economic crisis that …

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.