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Post Civil War Changes
After a 15-year civil war, Lebanon decided to tie its currency to the U.S. dollar. The central bank o this country said that 1,507 Lebanese lire would be worth exactly $1. -
Tensions in the Middle East
Syria's civil war and other political tensions in the Middle East hurt Lebanon’s economy. The growing power of a group, the U.S. considered a terrorist organization, concerned foreign investors. -
No investors = No Dollars
Foreign investors stopped funding in this country, therefore the initial deal between dollars and the Lebanese pound was affected because there were not enough dollars to sustain the agreement, increasing public debt and inflation. -
Protests and Disagreements
As a result of a falling economy, the government increases taxes, charges people for internet calls, etc. People gather across the country to protest against corruption and bad economic management. -
Crisis within Crisis
Due to the Covid-19, the economic activities of the country had to close, with this decrease in economic movement, Lebanon's financial system started collapsing. -
Beirut port explosion
A massive explosion on Aug. 4 at Beirut’s port, Lebanon capital,
kills more than 200 people, injures at least 6,500, and leaves thousands homeless. The estimated damage was $15 billion. -
Scarcity
The World Bank says Lebanon is experiencing one of the most severe economic crises globally since the mid-nineteenth century. The population is gravely affected by shortages in basic needs supplies.