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Lebanese pound melted against dollar

Lebanon has been facing a major economic crisis since 2019. The dollar liquidity problem and the melting of foreign exchange reserves in the Central Bank of Lebanon led to a significant crisis in the country.

The Lebanese lira lost up to 90 percent against the US dollar, and inflation increased by 700 percent in the country, according to unofficial data.

In the assessment report of the United Nations (UN) dated 1 July, it was stated that more than half of the Lebanese live below the poverty line, and their life expectancy is even worse than during the civil war period of 1975-1990.

According to the UN Economic and Social Committee for West Asia, with the prestige of 2021, 74 percent of the Lebanese population suffers from poverty.

According to the International Monetary Fund (IMF) report for 2020, the annual income per capita in Lebanon fell from $8,000 to less than $3,000 after the crisis.

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