27 February 2023

Beirut, Lebanon — These days, Omar* doesn’t go out much. The 35-year-old Lebanese soldier says the lifestyle he used to afford is no longer possible. 

Due to the drastic devaluation of the Lebanese lira, Omar’s monthly salary has dropped from what was worth $1,300 three years ago, to now a mere $75. “Look at the difference,” he tells Al-Monitor, “Now, it is nothing.” 

Lebanon’s state coffers are drained and the majority of the population is in poverty, the country suffering from one of the world’s worst economic crises since the mid-1800s.

Over the last three years the lira has lost more than 98 percent of its value and in recent weeks the currency has spiraled out of control, reaching a record-low of LL81,000 to one US dollar, nearly double from LL42,500 per dollar at the start of January.