Reporter just arrived at the end of 2020, bureau of residents rarely power building, although the municipal power supply time is short, but the building eight families share a diesel generators, cost-sharing. However, as the economic crisis deepened in Lebanon, the falling currency, the government to stop fuel subsidies, oil prices continue to rise, the neighbors can only discuss will shorten the half power supply time, in order to saving money.
Lebanon since 1997 adopted a policy of li pounds at a fixed exchange rate pegged to the dollar, the official exchange rate has remained at about 1500 to 1. Since September 2019 Lebanese banking crisis, li pound's black market rate against the dollar has fallen more than 90%, the official exchange rate. February 1, Lebanon will be the official exchange rate adjustment is 15000 li pounds for $1. Li the pound against the dollar, meanwhile, the black market rate is below 60000 to 1.
A double monetary in Lebanon, in addition to the circulation in pounds, dollars also circulation. All their different work is different, some form with li pounds or dollars, some part of the form with the dollar. As li pound black market rate against the dollar plunging, incomes only li pounds of family life. Fortunately, the Lebanese diaspora constantly send back into dollars, support their domestic relatives and friends. According to statistics, 2022 Lebanese remittances more than $6 billion.
Years nearly septuagenarian khalil YiFuDing is a local journalist, working in foreign media, fee income every month to more than $1000. Sai YiFuDing told reporters that his son is a doctor, my daughter is a chemist, a large family live together originally, but influenced by the economic crisis, the son of clinic faltered, forced to travel to Saudi Arabia's practice, a daughter also are under economic pressure to Qatar for a living. Now the family scattered in three countries, it is hard to together, let the person regret.
Due to pound currency surged in Lebanon, the dollar in Lebanon, including cable television, energy and other industries some suppliers now only accept us dollars.
Lebanon's national news agency reported, recently, li caretaker government economic and trade minister amin salam dollars on food price are available, and decided to Lebanon supermarket by Lebanese federation of trade unios President omar against bei Sarah. Who said, the food price dollarization is "illegal", the citizens cannot afford more, the unio refused to accept the decision.
Lebanon's local media had previously quoted the latest world bank report said that the Lebanese food price inflation is now among the world's highest, after in Zimbabwe and venezuela. According to the central bureau of statistics in Lebanon, in 2022 the country's inflation rate over 170%, hyperinflation has lasted more than a year.
In addition to Lebanon, same currencies collapse in recent years some Arab countries, prices soared.
Lebanese political analyst, south Boolean, told xinhua, the Arab region is rich in natural resources, the geographical position is superior, but many Arab countries are experiencing an economic crisis, poverty, inflation out of control. This, he said, and blindly follow the western economic model and the western countries control has a lot to do.
Boolean said, western interfering in the internal affairs of some Arab countries, forcing it to western interest policies, lead to these countries in debt crisis. The Lebanese and Arab countries out of economic trouble, get rid of the dependence on the west, drawing on the successful experience of some emerging economies.
