As the country sinks ever deeper into economic, political and financial crisis, the Lebanese pound continues to plummet. Savers have lost everything, and more than 80% of the population now lives below the poverty line. Excerpt from a report by “Special Envoy” on “the castaways” of Lebanon.
“When I retired, explains Khaled, a former policeman, in front of the bank where he had deposited all his savings, I had the equivalent of 220,000 euros in my account in Lebanese pounds. But with the economic crisis, our money has lost all its value.” Like many of his compatriots, Khaled lost everything when the Central Bank of Lebanon declared itself in default in March 2020. With the savings of a lifetime, all his hopes for the future, for him and his son Karim, flew away.
Since the unprecedented economic crisis that has been raging since 2019, the Lebanese pound has not stopped collapsing. The national currency has lost 95% of its value, so Khaled’s savings are worthless. In any case, withdrawals are only authorized within the limit of 90 euros per month.
“We want our money back, by force if necessary.” Karim intervenes. The young man vents his anger against the banks, “thieves”, “a state of thieves” and of “corrupt”, A “mafia group”. He is not the only one: in Tripoli, in the north of the country, as in the capital Beirut, demonstrators attacked banking establishments.
The exodus appears as the only way out
A passerby joins the conversation. He too worked in the forces of order, he too lost everything, and he has the same resentment against the State. “We risked our lives for Lebanon! I was in the special forces. All this to end up making me fly? I will avenge myself”, he promises.
Angry, these Lebanese also feel deeply humiliated. SO exodus appears to them as the only way out. “ Of course it makes you want to leave, agrees with Khaled. We can no longer live in this country. Anyone who still has dignity should go.”
Before the crisis, it was relatively easy for Lebanese to obtain a visa for Europe, but they had to provide bank guarantees to prove that they had sufficient income. Today, it has become impossible for many of them.
Extract from “Lebanon: the castaways of the crisis”, a report to see in “Special Envoy” on February 23, 2023.
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