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VIDEO: Lebanon's capital Beirut continues to battle economic crisis

Published :  
23-06-2021 11:12|

Lebanon's currency has hit a new low against the dollar on the black market, continuing its free-fall in a country gripped by political deadlock, an economic crisis and increasing shortages.

Lebanon has been without a fully functioning government for 10 months since the last one stepped down after a deadly Beirut port blast last summer.

August 4, a massive explosion erupted at the site killing more than 200 people, wounding others, and wrecking large swathes of the Lebanese capital.

Politicians from all sides have failed to agree on a line-up for a new cabinet even as foreign currency cash reserves plummet, causing fuel, electricity and medicine shortages.

In recent days, frustrated drivers have waited for hours in long car queues outside petrol stations to fill up their tanks.

Pharmacies went on strike in protest at the central bank allegedly failing to provide them with dollars as a preferable exchange rate so they could continue working.

Electricity cuts have increased in length as the state struggles to secure enough fuel to operate power stations.

People earning salaries in Lebanese pounds have seen their purchasing power drastically reduced as they battle to keep up with price hikes.