(MENAFN) Lebanon’s financial crisis started with the demonstrations in October 2019, when a chain of nonviolent protests intensified and developed into a nationwide revolution against the country’s government.
Shortly, there was a sharp drop in the Lebanese lira worth against the dollar. The official value is still 1,500 liras to the dollar but the money has lost over 90 percent of its worth and now exchanges at around 30,000.
Meanwhile, Lebanon’s banks made a decision to hold back the savings of citizens and organizations, a verdict that caused many individuals to lose their life savings and the shutting of many establishments, family businesses as well as startups.
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