Massive currency collapse has fueled heated protest in Beirut calling for resignation from top officials. Lebanon which has used the Lebanese Pounds as a currency since 1924, has seen experienced substantial devaluation in their currency following mismanagement by Lebanese Authorities.
Protests were on going calling for the resignation of Lebanese Prime Minister Saad Hariri but came to halt with the implementation of the lockdown due to COVID19 pandemic. However, this proved to be disastrous for the failing economy as the Lebanese Pound which had been pegged 1,500 to the U.S Dollar fell to 3,000 and further to 5,000 Lebanese Pounds to a Dollar within the span of two weeks, resulting in a devaluation of 70%.
The uncoordinated protest broke out in both Central Beirut and in Tripoli with some protesting lighting a Central Bank branch on fire. The protestors called for the resignation of government officials, reformation of the state institutions while also targeting their anger at the banks after they imposed sever restrictions on dollar withdrawals after the emergence of COVID19.