Protesters Stage Sit-in Outside Central Bank
A group of students staged a sit-in near Lebanon’s central bank in Hamra protesting the bank’s “financial and economic policies,” as the nation faces its worst economic crisis since the 1975-1990 civil war.
The protesters voiced calls for “change,” asserting refusal to pay taxes, demanding that levies be imposed on “profits and insurance."
A dollar-liquidity crisis has pushed banks to impose informal capital controls on dollar deposits and the Lebanese pound, officially pegged to the US dollar, has lost around 30 percent of its value on the black market.
The faltering economy has pushed several companies to close, while surviving businesses try to stay open by paying half-salaries and laying off employees.
A recession of more than 0.2 percent is expected for this year, the World Bank says.
The international community, donors, and financial organisations have warned that debt-saddled Lebanon could ill afford any delay in getting a new government.
Source: Naharnet, Agence France Presse
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