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Small supermarkets closed their doors on Tuesday and shoppers hoarded food after the Lebanese pound lost half of its value in only a week.
The pound is officially pegged at 1,507.5 to the dollar but has fallen sharply in the past 18 months, trading at 15,000 to the dollar on Tuesday on the parallel market.
The rapid drop in the currency led some Lebanese to panic-buy.
Hassan Hamade, 80, filled his trolley with coffee, rice and other necessities he is buying in bulk at a Spinneys supermarket in Beirut.
“Every hour we have a different rate and different prices. It’s catastrophic,” he told
Shoppers brawl as Lebanon s currency collapse sparks store closures arabnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arabnews.com Daily Mail and Mail on Sunday newspapers.
Lebanon’s electricity sector teeters on the brink of collapse Power cuts increase as country’s financial crisis hits fuel imports and payments to power plants
Protesters block a road with burning tyres, during a demonstration against power cuts in Beirut, Lebanon. EPA
A demonstrator stands silhouetted between burning tyres, during a protest against power cuts in Beirut, Lebanon. EPA
A protester leaps over burning tyres, during a protest against power cuts in Beirut, Lebanon. EPA
A demonstrator against power cuts stands in front burning tyres in Beirut, Lebanon. EPA
It is estimated that half of Lebanon s population of seven million people live below the poverty line. EPA
Diab meets Energy Minister, GS chief over their Iraq visit Tue 22 Dec 2020 at 10:58 Politics
NNA - Caretaker Prime Minister, Hassan Diab, received at his Tallet el Khayyat residence, Energy Minister Raymond Ghajar and Director General of General Security, Major General Abbas Ibrahim, who briefed him on the results of their visit to Iraq and the initial agreement regarding supplying Lebanon with oil derivatives from Iraq.
Premier Diab praised the results of the visit, as well as the role played by Major General Ibrahim and the efforts he exerted along with Minister Ghajar, thanking the Iraqi Prime Minister Mustafa Al-Kadhimi for standing by Lebanon. Grand Serail Press Office
Iraq’s oil ministry on Monday announced reaching an agreement with Lebanon for exporting oil to Beirut in the year 2021 according to global prices.
The announcement followed a meeting in Baghdad between Iraqi Oil Minister Ehsan Abdul Jabbar and caretaker Energy Minister Raymond Ghajar, which was held in the presence of General Security chief Maj. Gen. Abbas Ibrahim.
Ghajar for his part confirmed that the imported oil will cover the needs of Lebanon’s power plants.
Abdul Jabbar meanwhile said that the quantities will be limited and will cover part of Lebanon’s power generation needs.
“We are keen on boosting relations with brotherly Lebanon and standing by its brotherly people,” he added.