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النهار
Seven Years After Collapse Losses Grow
Seven years after the economic collapse in Lebanon in 2019, the country still faces deep repercussions resulting from the postponement of financial and economic reforms. The absence of capital control measures is one of the main reasons behind the depletion of foreign funds, with approximately five billion dollars leaving the country between 2019 and 2020. This has led to a depletion of Banque du Liban's foreign exchange reserves from $29.6 billion to around $11.4 billion. Additionally, the value of deposits fell from $123 billion to $80 billion, the Lebanese pound's value deteriorated, and poverty, unemployment, and emigration worsened. Meanwhile, the banking sector’s losses increased from $70 billion to about $80 billion. The postponement of reforms—originally expected to take five to seven years—has resulted in the crisis extending for twenty years, with the market value of gold rising from $14 billion to $40 billion.
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