Lebanon’s economic crisis is casting a shadow on the upcoming month of Ramadan. The national currency has reached an unprecedented low, and the rising prices of commodities will have a significant impact on citizens during this period. Some Lebanese interviewed expressed their inability to secure basic materials and commodities, and highlighted that many traditional Ramadan dishes will be excluded from their tables due to high prices and the pricing of goods in dollars. Lebanon is facing its worst economic and financial crisis in modern history, beginning in October 2019 with roots in decades of corruption and mismanagement by the political class, which has pushed more than 75% of its population into poverty. On Tuesday morning, the Lebanese currency reached its lowest level ever once morest the dollar on the black market, at a rate of 124,000 pounds once morest one dollar. The official exchange rate was set at 15,000 pounds once morest the dollar back in February, compared to 1,507 pounds previously. Despite this, hundreds of millions of Muslims around the world will continue to observe Ramadan this week.
Lebanon’s economic crisis is overshadowing the month of Ramadan, which begins later this week.
The deterioration of the national currency, reaching unprecedented levels, and the rise in commodity prices will have a deeper impact on citizens during this month.
A number of Lebanese interviewed by the Associated Press while they were wandering in a local market in the Lebanese capital expressed their inability to secure a lot of basic materials and commodities.
Some pointed out that many of the popular foods and Ramadan dishes that used to decorate their tables will not be present during this year due to the high prices, in addition to the pricing of goods in shops in dollars.
Lebanon is suffering from the worst economic and financial crisis in its modern history.
The economic collapse, which began in October 2019, and which has its roots in decades of corruption and mismanagement by the country’s political class, has plunged more than 75% of the small country’s 6 million people into poverty.
The Lebanese currency recorded its lowest level ever once morest the dollar on the black market, on Tuesday morning, and its exchange rate reached 124,000 pounds once morest one dollar on the parallel market.
The official exchange rate was set at the level of 15,000 pounds once morest the dollar last February, compared to 1,507 pounds previously.
Hundreds of millions of Muslims around the world will start fasting later this week.
As the month of Ramadan begins later this week, the economic crisis and rising commodity prices in Lebanon continue to cause distress and concern for citizens. Many are struggling to secure basic materials and food for traditional Ramadan dishes due to the high prices and pricing in dollars. The country’s ongoing economic collapse, fueled by decades of corruption and mismanagement, has pushed more than three-quarters of its population into poverty. The situation is dire, and the impact on the holy month of Ramadan will be deeply felt by those in Lebanon.
