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 …

BEIRUT (AP) By  Bassem Mroue— Lebanon’s parliament on Friday approved a $246 million loan from the World Bank that would provide cash assistance for more than 160,000 families in the small country hit by an unprecedented economic crisis and the coronavirus pandemic. The approval came as the local currency hit a new record low on the black market, trading 11,150 Lebanese pounds to the dollar. The new crash triggered immediate protests, mostly in the country’s north. The previous day, France warned that Lebanon was running out of time before total collapse, blaming bickering politicians who for months have been unable to agree on a new government even as Lebanon slides into economic and financial abyss. Last week, protesters closed roads around the country with burning tires for a week, after the dollar hit 10,000 pounds on the black market for the first time. The currency collapse throws more people into poverty as their purchase power declines.

The currency crash will affect recipients of the cash from the World Bank, as the money will be distributed to the 161,257 families — or about 800,000 people — in Lebanese pounds. Each of the families will get 800,000 pounds a month for one year, according to the agreement with the World Bank that calculated the dollar at 6,240 pounds. Since Lebanon’s economic and financial crisis began in late 2019, there have been different exchange rates for the dollar in the highly-indebted country, including the official rate with about 1,500 pounds to the dollar, the black market rate, and a cash withdrawal rate from U.S. dollar accounts in local banks, with at 3,900 pounds for $1. Using the rate of 6,240 pounds to the dollar in helping poor families means they are being short-changed, getting about 62% of what they would be getting on the black market rate.

by reuters — French Foreign Minister Jean-Yves Le Drian said on Thursday time was running out to prevent Lebanon from collapsing and …