Currency Crisis
Additionally, before the revolution, Lebanon’s currency crisis had started causing concerns among citizens. Banks have been hoarding dollars as a result of a shortage and the country had been seeing the unofficial exchange rate in the “black market” (licensed or unlicensed currency traders) going from LBP 1,580 to the US dollar to LBP 1,600 or even LBP 1,800 for the first time since 1997. Residents have been unable to convert their Lebanese Pounds into dollars and they have been also unable to access bank’s ATM’s. The US dollar is used regularly in daily life in Lebanon alongside the Lebanese pound and most establishments have traditionally accepted payments in both currencies since the LB pound was pegged against the US dollar in 1997.