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Bundle of Lebanese pounds worth considerably less
The Lebanese liquidity crisis is an ongoing financial crisis affecting Lebanon, that became fully apparent in August 2019, and was further exacerbated by the COVID-19 pandemic in Lebanon (which began in February 2020), the 2020 Beirut port explosion and the Russian invasion of Ukraine. The country experienced liquidity shortages in the years prior to 2019 but the full extent of the fragility of the economy were concealed through financial engineering by the governor of the central bank.[1][2] Lebanon's crisis was worsened by United States sanctions targeting Syria's government and Iran-backed Hezbollah.[3][4]
The currency has been devalued by 90% – still not enough to reflect its slide in full. Inflation is in triple digits.[vague] Public services have collapsed; without hiring a private generator, households can expect only an hour or so of power a day. Shortages of drinking water have contributed to disease outbreaks, including the first cholera cases for decades. Parents are sending their children to orphanages because they cannot feed them. A growing number of citizens have resorted to armed robbery as the only way to extract their own deposits (now vastly reduced in real terms) from banks when they desperately need to pay for basic services such as healthcare. The collapse of Lebanon, formerly known as the "Switzerland of the Middle East", has been described by Western media as one of the most devastating and worst financial recessions since at least the 19th century.[citation needed]
^"Les dessous de la nouvelle ingénierie de Riad Salamé -". Commerce du Levant (in French). 29 September 2016. Archived from the original on 22 November 2021. Retrieved 22 November 2021.
^Lebanon : 2016 article IV consultation -- press release; staff report; and statement by the executive director for Lebanon. International Monetary Fund. Washington, D.C. 2017. ISBN 978-1-4755-7061-8. OCLC 975026645. Archived from the original on 30 January 2022. Retrieved 22 November 2021.{{cite book}}: CS1 maint: location missing publisher (link) CS1 maint: others (link)
^Mroue, Bassem (4 October 2019). "US sanctions squeezing Iran-backed Hezbollah in Lebanon". Associated Press. Archived from the original on 5 January 2023. Retrieved 29 May 2022.
^Khodr, Zeina (18 June 2020). "Caesar Act: Fresh sanctions on Syria could worsen Lebanon economy". Al Jazeera. Archived from the original on 6 August 2020. Retrieved 29 May 2022.
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