Freefalling Lebanese currency hits unprecedented new low
The Lebanese federations and unions of the road transport sector have said they were going on strike as the LBP/USD crossed the 28,000 LBP threshold.
The federations and unions of the road transport sector in Lebanon said Thursday they were resorting to a strike in light of the earth-shattering hike in fuel prices all over the country.
"The prices of oil derivatives used to come out one every week, but now it comes out twice a week, and it might go up to three times over US dollar price increases and fuel demand," Land Transport Unions Head Bassam Tlais said Tuesday.
"Logic has it that the state must follow its people and preserve their purchasing power, not follow traders without taking the people's pains into consideration," he stressed.
The Lebanese pound collapsed further on Tuesday, hitting a new low with one US dollar surpassing the threshold of 28,000 LBP, which is unprecedented in the history of Lebanon.
The Lebanese currency has been diminishing since the 2019 crisis, at the beginning of which $1 USD was equal to 1500 LBP.