Lebanon leans on US dollar to cope as currency, economy tank

By KAREEM CHEHAYEB
Associated Press

BEIRUT (AP) — The Lebanese pound has lost as much as 98% in value since late 2019, and now most restaurants and many stores are demanding to be paid in dollars to bypass what’s seen as a nearly useless currency. This month, the government is allowing grocery stores to do the same. While this “dollarization” aims to ease inflation and stabilize the economy, it could deepen the financial crisis and push more people into poverty. Few people in Lebanon have access to dollars to pay for food and other essentials priced that way, and endemic corruption means leaders are resisting long-term reforms to banks and government agencies that would end wasteful spending and jump-start the economy.