Source: CCTV Finance and Economics
In recent years, Lebanon has been in economic trouble. Local time 15, Lebanese Prime Minister-designate Hariri announced that he gave up forming a cabinet and resigned, some analysts pointed out that the political stalemate may further deepen the local economic crisis.
And the sustained economic contraction has also caused a shortage of a large number of daily necessities in Lebanon. In the past two days, there has been a shortage of necessities.Long queues of people snapping up gasoline.
On July 15, in Beirut, the capital of Lebanon, a large number of cars lined up on the road to refuel, and many people rushed to buy gasoline with empty buckets.
Also on the 15th, Lebanese Prime Minister-designate Hariri announced that after months of discussion, he had decided to abandon the formation of a new cabinet because he could not reach an agreement with President Orne on the formation of the new government.
Reuters reported that affected by the news, the black market exchange rate of the Lebanese pound fell quickly to 20, 000 from about 19000 Lebanese pounds to the dollar that morning.Lebanese poundExchange it for one dollar. Compared with the second half of 2019The Lebanese pound has depreciated by more than 90 per cent.
The fall in the exchange rate has been accompanied by a surge in prices, especially in Lebanon, which has been heavily dependent on imports for energy and a large number of daily necessities. A large power station in Lebanon was forced to shut down recently because of defaulted payments that stranded fuel overseas.
In addition, due to the long-standing lack of government subsidies and the refusal of foreign drug suppliers to deliver, and the serious shortage of drugs in many pharmacies in Lebanon, the Lebanese Pharmacy Industry Association recently announced a long-term strike across the country. Some members of the association said that about 80% of the pharmacies in Beirut and other big cities have been closed, and about half of the pharmacies in other areas have also closed down.
The World Bank said at the beginning of last monthThe current economic crisis in Lebanon is likely to be one of the three worst economic crises in the world since the mid-19th century.