Wednesday, 30th November 2022
<To guardian.ng
Search

Lebanon’s currency crisis: New exchange rate policy to cause massive hardship

Lebanon is in the midst of a currency crisis and has devalued its local currency. But implementing a new exchange rate policy is set to have catastrophic consequences on people's daily lives.

Related

12 May
As EU member states consider tightening restrictions on Russian energy imports, Italian Prime Minister Mario Draghi is among those calling for closer European integration. He says the bloc needs “structural solutions” to deal with soaring energy prices. Meanwhile, Italy and the UK take different stances over “windfall taxes” for energy giants as they reap record profits, and India's heatwave pushes electricity consumption to a record high.
15 May
Lebanon is electing a new parliament soon. Even though many people harbour hope for change, it won't be a walk in the park for the opposition. Traditional power structures remain deeply embedded.
28 May
A controversial public health order invoked by the Trump administration in 2020 to curb the spread of COVID-19 in migrant holding facilities was due to be lifted on Monday. But a federal judge has quashed the move.
12 Jun
An ongoing maritime dispute between Lebanon and Israel has re-entered the spotlight after a production vessel docked in an offshore gas field on Sunday. The Lebanese claim the ship is in disputed territorial waters, but the Israelis refute this. Both countries have yet to agree on maritime demarcation lines and have called on the US to mediate new talks. For more analysis, we speak to oil and gas policy expert Laury Haytayan, who is MENA Senior Officer at the Natural Resource Governance Institute (NRGI).
25 Jun
UK's Johnson says he would defend Rwanda policy to Prince Charles
24 Jun
The billionaire was named prime minister for the fourth time and asked to form a government to save the country from financial collapse. He urged fractious politicians to set aside differences to secure an IMF deal.
26 Jul
The new Philippine president has set out an ambitious economic and social blueprint for his six-year term. However, his family's chequered past and the fallout of the COVID-19 pandemic pose significant hurdles.
1 Aug
A section of Beirut's massive grain silos that withstood the 2020 explosion have collapsed following a weekslong fire. Its unclear if there have been any injuries.
3 Aug
In an exclusive interview, EU foreign policy chief Josep Borrell told DW that the European Union is continuously working on reducing its dependency on Russian gas. However, he says, EU member states can't be asked to cut off those gas supplies "overnight."
6 Aug
The first Ukrainian grain ship has entered the Bosporus after being given the green light to proceed. The EU does not know how many Ukrainians have gone home after being given protected status. DW rounds up the latest.
13 Aug
Lebanon is now going through the worst economic crisis in its history. 80 per cent of the population lives below the poverty line. In one year, food prices have jumped 500 per cent due to galloping inflation.
27 Aug
India's lack of a national law on refugees has allowed the BJP government to pick and choose the asylum-seekers it wants to admit. Human rights activists suspect a political motive.