Several dozen Lebanese protesters broke into and set fire to banks in her district Beirut today, while they also closed roads to protest for the informal restrictions that have been imposed on cash withdrawals and for the rapidly deteriorating economic state of the country.

They became the target of the protesters at least six bank brancheswhile the Lebanese pound retreated today to a new record low against the dollar, said a spokesman for the organization Depositors Outcry, which represents depositors whose money remains locked up in Lebanon’s banking system.

Since 2019, the country’s banks have imposed withdrawal restrictions in US dollars and Lebanese pounds, although these have not been formalized by law, prompting depositors to seek access to their money through appeals or by force.

Since that year, when the country’s financial sector collapsed, the Lebanese pound has lost more than 98% of its value.

Today the exchange rate was around 80,000 pounds to one dollar, while two days ago it reached 70,000 pounds one dollar.

This new drop in the Lebanese currency means an increase in gasoline prices, by the gallon 20 liters to cost the equivalent of a third of the salary a police officer.

Already more than 80% of the population of the country lives below the poverty line.

From 2021, the Lebanese authorities have abolished government subsidies on fuel and basic products such as flour and medicine.

In reaction to this price increase dozens taxi drivers blocked the road in front of the Ministry of Interior in Beirut yesterday Wednesday to protest the reduction of their incomes.

“We are suffocating because of the collapse of the lira,” said Rabih Farah, 33, who has been a taxi driver for 12 years. “My income is not even enough to buy gas.”

“My house rent is 300 dollars, I also have to buy something to eat. Where can I find the money?“, he wondered.

Supermarkets have stopped listing food prices in recent days due to the sharp fall in the pound in a country heavily dependent on imports.

Lebanon is facing one of the worst financial crises worldwide since 1850, according to the World Bank, which has led to massive impoverishment of residents and severe shortages.

The power vacuum worsens the situation. Since November 1, the divided parliament has not succeeded in electing a new president of the country, after eleven attempts. The country is ruled by a transitional government that is unable to make the necessary reforms to receive international aid.

On Monday five countries attended a conference on Lebanon in Paris and warned of the serious consequences the country would face if a president was not elected.