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Lebanese carry ‘worthless’ stacks of cash after currency crash -Breaking

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© Reuters. Unidentified man in Beirut holds Lebanese Pound banknotes. October 27, 2021. Picture taken October 27, 2021. REUTERS/Issam Abdallah

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BEIRUT, (Reuters) Antoine Haddad is a restaurateur who started his business over 35 years ago. But he says he has lost all hope in Lebanon’s current financial crisis.

Three quarters of Lebanon’s population are now in poverty because the Lebanese dollar lost 90% of its value over the last two years.

Haddad feels that there is no way out.

He said, “Previously, you had hoped that the war would end. We do this and then go back where we were.” But, he stated, “This time, there is no hope.”

“They promised us that we would have plenty money, and they are right,” he joked. He was speaking of the increasing amount of banknotes necessary for purchases even the most basic of items after the currency crash.

Haddad, who owns a small restaurant that has been open since 1984, stated that 10% of the oil he is able to purchase with his same amount of money can be purchased at 10%.

In March’s election, the government will face a vote to determine whether it can secure IMF Recovery Plan. To alleviate some of its pain, however, they have tripled the transport allowance. However, most wages, including the minimum wage are not being adjusted.

Moussa Yaakoub, a pub-owner is equally taken by how little cash he has to operate his business.

As he was counting 10 million pounds worth $6600 (pre-crisis) but $500 market, he stated, “I have never before held this much money in my hands.”

He said that this amount of money was once enough to pay for months’ worth of pub operations, but it now pays only a few bills.

Roni Bou Racched is a Grocery Store Owner. He has modified the way he holds money in his Cash Drawer. Smaller notes can now be used less and coins almost non-existent.

“I’m unsure how much money I can carry with me when I travel.” He said that he sometimes carries 1,000,000 or 1.5 Million… but they have no value.

Now, a single bill at a restaurant could be more expensive than what some workers earn.

Ali Jaber (a worker in the private sector) said that God helps those without income.

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