Lebanese pound loses 13% of its value in less than a week

The Lebanese pound experienced a sudden decline on the parallel market, reaching 57,000 against the dollar on Wednesday morning, marking a loss in value of 13 per cent in a week.

Once pegged at around 1,507 to the US currency, the Lebanese pound has now lost 97 per cent of its value since the start of an unprecedented financial crisis caused by a drastic shortage of dollars, which plunged 80 per cent of the population into poverty.

Lebanon's restaurants charge in scarce dollars as pound sinks to new low

The sudden drop in the exchange rate caused sporadic protests throughout the country.

In Beirut, the Depositors' Outcry Association, an advocacy group for depositors, called for a sit-in outside the Central Bank headquarters in Beirut, which was joined by a small group of protesters on Wednesday.

Lebanon's National News Agency reported that demonstrators blocked several roads across the country on Tuesday and Wednesday to protest the worsening living conditions and soaring inflation. The inflation surged to 171 per cent in 2022, one of the highest levels in nearly four decades, according to Central Administration of Statistics inflation figures released in January.

Gas stations closed

Fuel tariffs sharply increased on Wednesday, as the Ministry of Energy released new prices. The move came to respond to the sharp drop of the Lebanese pound against the dollar by hiking the prices of 20 litres of 95-octane gasoline, 98-octane gasoline and diesel by almost LL50,000.

The Energy Ministry publishes daily tariffs in Lebanese pounds, but fuel imports are dollar-dependent and need adjustment when the local currency depreciates.

The ministry had already increased fuel prices on Tuesday to fall in line with the current exchange rate, but prices were already out-of-date at the end of the day.

On Wednesday morning, most gas stations were closed across Lebanon to contest the high instability of the currency as gas distributors were waiting for the publication of an updated list of prices, causing long queues in front of the ones that were still operating.

Tips for used car buyers

Choose cars with GCC specifications
Get a service history for cars less than five years old
Don’t go cheap on the inspection
Check for oil leaks
Do a Google search on the standard problems for your car model
Do your due diligence. Get a transfer of ownership done at an official RTA centre
Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

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Getting%20there

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Benefits of first-time home buyers' scheme

Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates

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Getting there

The flights

Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.

The stay

Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.

Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com