appConfigEntityId

bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

hooksArticlePageAdvertisementConfigArticle

liveArticle

appConfig

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

sectionsV2

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

json

Agence France-Presse

A rationing of dollars by banks in protest-hit Lebanon sparked growing alarm on Saturday as some petrol pumps ran dry and grocery stores introduced fresh price hikes.
For two decades, the Lebanese pound has been pegged to the US dollar and both currencies used interchangeably in daily life.
But banks have gradually been reducing access to dollars since the end of the summer, following fears of a shortage in central bank reserves.
Access was limited further this week after banks reopened for the first time since an unprecedented popular uprising hit the country on October 17.

On Saturday, several petrol stations stopped services as reserves ran out because of a shortage of dollars needed to pay for imports, a syndicate head said.
“The petrol stations that opened today are the ones that still have reserves. They will close down as soon as supply runs out,” said Sami Brax, the head of the Syndicate of Gas Station Owners.
He said if officials do not facilitate access to dollars by Tuesday, “we will be forced to stop imports and close down all petrol stations.”
His warning came a day after hospitals threatened to stop receiving patients because of a lack of dollars to pay for medical imports.
Current medical stocks in the country “will not last more than a month”, hospital syndicate head Suleiman Haroun said.
Lebanon has seen an unprecedented popular uprising against everything from power cuts and poor social security to alleged state corruption.
The government yielded to popular pressure and stepped down last month, with the World Bank urging the quick formation of a new cabinet to prevent the economy from further deteriorating.

But the country seemed to plunge deeper into economic crisis after banks reopened this week and further limited dollar supply.
They halted all ATM withdrawals in dollars, introduced an additional charge on dollar withdrawals made at banks, and severely restricted conversions from Lebanese pounds.
This has forced many people to resort to the black market where they are charged higher exchange rates, in what amounts to the de facto devaluation of the local currency.
The official exchange rate has remained fixed at 1,507 Lebanese pounds to the dollar, but the rate in the parallel market has surpassed 1,800.
Protests sweep Lebanon as fury at ‘totally corrupt’ ruling elite grows
According to Zouhair Berro, the head of the Lebanese Consumers Association, the dollar shortage is leading to price hikes, especially for meat, vegetables and dairy.
He said that suppliers are demanding payment in dollars.
Economist Naseeb Gharbeel said that banks are being put “under pressure” due to a large demand for dollars from Lebanese inside the country and abroad.
President Michel Aoun met central bank governor Riad Salameh and representatives from the Lebanese Association of Banks on Saturday to discuss the situation, according to the state-run National News Agency.
The meeting came as hundreds took part in student-led demonstrations across the country to pressure the government into meeting their demands.
The rallies have gained new momentum after pupils and university students boycotted lessons in recent days to spearhead the street movement.
“We want to guarantee a future for ourselves,” said Mohammad, an 18-year-old high-school student.
“I shouldn’t be forced to leave the country after I graduate to find a job,” he said from a protest square in central Beirut.
“The current political class is not capable of providing this.”
Embattled Lebanon President pledges reforms as rival protests grip capital
Even before protests erupted last month, growth in Lebanon had stalled following repeated political deadlocks in recent years, compounded by the war in Syria.
Public debt stood at more than US$86 billion, over 150 per cent of gross domestic product, according to the finance ministry.
Moody’s ratings agency this week downgraded Lebanon’s sovereign debt, saying the anti-government protests had hit investor confidence and threatened economic stability.
The World Bank had forecast a contraction of 0.2 per cent before the turmoil, but has said that it now expects Lebanon’s recession “to be even more significant”.
Without quick steps to address the crisis, about half of Lebanon’s population could fall into poverty and unemployment could “rise sharply”, the lender said.


Israel-Lebanon talks a rare historic moment amid hopes of conflict resolution

Trump-Xi summit shaped by uncertainty, not strategy: experts

Trump turns on Italy’s Meloni, says he is ‘shocked’ by her

Xi Jinping’s meeting with Abu Dhabi crown prince highlights Gulf turn towards China

Middle East

Fuel shortage and price hikes squeeze protest-hit Lebanon as access to US dollars restricted

Frustration over political and economic conditions in Lebanon has led to increasing unrest. Photo: The Washington Post by Manu Ferneini

Anti-government demonstrators chant slogans during a protest on November 9, 2019, in the northern port city of Tripoli. - A rationing of dollars by banks in protest-hit Lebanon sparked growing alarm on Saturday as some petrol pumps ran dry and grocery stores introduced fresh price hikes. For two decades, the Lebanese pound has been pegged to the greenback and both currencies used interchangeably in daily life. But banks have gradually been reducing access to dollars since the end of the summer, following fears of a shortage in central bank reserves. (Photo by Ibrahim Chalhoub / AFP)

Embattled Lebanon President Michel Aoun pledges reforms as rival protests grip capital

A protester holds a flare as other chant slogans against the Lebanese government in Beirut. Photo: AP Photo

Anti-government protesters chant slogans against the Lebanese government, in Beirut, Lebanon, Sunday, Nov. 3, 2019. President Michel Aoun and his son-in-law, Foreign Minister Gebran Bassil, have been among the main targets of mass protests that aim to sweep from power Lebanon's entire sectarian and political elite. (AP Photo/Bilal Hussein)

Violent protests rock Iraq and Lebanon. What about Iran?

A demonstrator wears a mask to protect himself from tear gas during a protest in Baghdad. Photo: Reuters

epaselect epa07958412 Iraqi protesters take cover during clashes with riot police forces following a demonstration at al-Tahrir square, central Baghdad, Iraq, 29 October 2019. According to media reports, at least 65 people died during three days of violent clashes between security forces and people protesting against the government in Baghdad and southern Iraqi cities. EPA-EFE/MURTAJA LATEEF

FILE- In this Sept. 18, 2016 photo released by an official website of the office of the Iranian supreme leader, Revolutionary Guard Gen. Qassem Soleimani, center, attends a meeting with Supreme Leader Ayatollah Ali Khamenei and Revolutionary Guard commanders in Tehran, Iran. Iran's paramilitary Revolutionary Guard faces new sanctions from U.S. President Donald Trump as he has declined to re-certify the nuclear deal between Tehran and world powers. But what is this organization? (Office of the Iranian Supreme Leader via AP, File)

TOPSHOT - An injured man stands near Lebanese security forces trying to prevent clashes between demonstrators and counter-protesters in the centre of the capital Beirut during the 13th day of anti-government protests on October 29, 2019. - Dozens of rioters descended on to Riad al-Solh Square near the government headquarters in Beirut, where they attacked protesters, torched tents, and tore down banners calling for "revolution", said an AFP correspondent in the area. The unprecedented attack on the main site of the capital's largely peaceful protest movement forced the army and riot police to deploy en masse to contain the violence (Photo by - / AFP)

Protests sweep Lebanon as fury at ‘totally corrupt’ ruling elite grows

A Lebanese demonstrator stands in front of a tyre fire during a protest in southern Lebanon on Friday. Photo: AFP

Anti-government protesters clash with riot policemen during a protest against government's plans to impose new taxes, in Beirut, Lebanon, Friday, Oct. 18, 2019. Nationwide protests paralyzed Lebanon on Friday as thousands of demonstrators blocked major roads in a second day of rallies against the government's handling of a severe economic crisis and the country's political class they perceive as being corrupt. (AP Photo/Hassan Ammar)

Demonstrators carry national flags and gesture during a protest targeting the government over an economic crisis in the port city of Sidon, Lebanon October 18, 2019. REUTERS/Ali Hashisho

Anti-government protesters shout slogans against the Lebanese government during a protest against government's plans to impose new taxes, in Beirut, Lebanon, Friday, Oct. 18, 2019. Nationwide protests paralyzed Lebanon on Friday as thousands of demonstrators blocked major roads in a second day of rallies against the government's handling of a severe economic crisis and the country's political class they perceive as being corrupt. (AP Photo/Hassan Ammar)

(191018) -- BEIRUT, Oct. 18, 2019 (Xinhua) -- Protesters burn tires to block the road during a demonstration in Beirut, Lebanon on Oct. 18, 2019. Thousands of protesters continued to demonstrate on Friday and block roads all over Lebanon to protest against the government's policies, Al Jadeed local TV channel reported. Citizens chanted slogans against the government while accusing politicians of being corrupted and depriving people from their basic rights. Protests have been ongoing since Thursday evening, leading to 23 injuries among citizens and 60 among the Lebanese army. (Photo by Bilal Jawich/Xinhua)

epa07930885 Lebanese Prime Minister Saad Hariri speaks during a press conference in the Government palace at downtown Beirut, Lebanon, 18 October 2019. Hariri gives political parties 72 hours to agree on a solution to the country’s crisis, on the second straight day of nationwide protests against the state. EPA-EFE/WAEL HAMZEH

A Lebanese demonstrator waves the national flags in front of a tire fire during a protest against dire economic conditions, on October 18, 2019 in the capital Beirut. - Public anger has simmered since parliament passed an austerity budget in July to help trim a ballooning deficit and flared on Thursday over new plans to tax calls on messaging applications such as Whatsapp, forcing the government to axe the unpopular proposal. (Photo by IBRAHIM AMRO / AFP)

News

World


On Saturday, several petrol stations stopped services as reserves ran out because of a shortage of dollars needed to pay for imports



On Saturday, several petrol stations stopped services as reserves ran out because of a shortage of dollars needed to pay for imports.


Human rights

Syrian conflict

Fuel shortage and price hikes squeeze protest-hit Lebanon as access to US dollars restricted

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;} On Saturday, several petrol stations stopped services as reserves ran out because of a shortage of dollars needed to pay for imports

On Saturday, several petrol stations stopped services as reserves ran out because of a shortage of dollars needed to pay for imports