Protesters closed down major roads in parts of Lebanon on Tuesday after the Lebanese pound briefly hit a new low amid a historic economic crisis that seemingly has no end in sight.
The Lebanese pound lost more than 15% of its value on Tuesday alone, tanking to more than 140,000 pounds to the dollar. A week ago, the dollar was worth 100,000 pounds.
The official exchange rate is set by the central bank at 15,000 pounds for the U.S. dollar but the black market rate is now used for nearly all transactions.
Later on Tuesday, the central bank said it will be selling the U.S. dollar for 90,000 pounds and called on banks to end their strike and take part in the sale. After the statement was issued, the pound regained some of its value selling for 110,000 pounds to the dollar.
The Association of Banks in Lebanon announced Tuesday night that all lenders in the country will suspend the strike and resume work Wednesday.
Last month, Lebanese commercial banks went on an open-ended strike after angry protesters smashed windows and set tires on fire outside two of the country’s biggest banks, both in Beirut.
Many gas stations, which have been changing their fuel prices several times a day, closed Tuesday amid calls to price oil products in U.S. dollars. Some pharmacies also closed because of the constantly changing exchange rate.
Around noon, angry protesters briefly closed roads in different parts of the country, including the main north-south highway, as well as others in Beirut and the eastern Bekaa Valley.
