By Najia Houssari — arabnews.com — BEIRUT: A sudden upheaval in Lebanon’s exchange rate has angered people ahead of parliamentary elections. Economist Louis Hobeika said the turmoil should motivate people to “vote for change and not re-elect those in power.” He told Arab News that the ruling parties had all the time they needed to issue laws but did nothing. The Lebanese pound hit a sudden low, trading at LBP28,000 to the dollar on Friday, with the country on official holidays until Tuesday for Orthodox Easter. The exchange rate turmoil caused a clamor in the markets, as people said on social media that shop owners had already started pricing goods based on a rate of LBP30,000 to the dollar.
Protesters cut off the southern highway with burning tires, denouncing the deteriorating living conditions, Lebanon’s National News agency reported. Electricite du Liban, the state-owned electricity supplier, said on Thursday that the Deir Ammar power plant had shut down. The Zahrani power plant shut down last week, leaving the Lebanese with no electricity supply until a ship carrying a fuel delivery is unloaded and tested. Subscription fees for private generators that are charged in dollars continue to rise. The two plants depend exclusively on Iraqi fuel as part of an agreement concluded between the two countries last August. The state is unable to secure dollars to import additional quantities of fuel, while the agreement to draw electricity from Jordan and gas from Egypt is yet to be implemented. According to the agreement with Iraq, every month only one shipment of 40,000 tons of gas oil is supplied to Lebanon, for the benefit of EDL.