Today, we are living through a dark chapter in Lebanon's history, one that will be recorded in internal books as well as in global economic history, known for the largest act of looting and self-destruction, and the biggest economic, financial, and monetary crisis that will be etched in international history. The largest Lebanese banknote (the 100,000 Lira note) is now worth less than the smallest U.S. dollar note. This plan of comprehensive destruction continues day after day. So far, the national currency has lost more than 98% of its value, and the exchange rate has collapsed from 1,500 Lira to 120,000, an increase of 80 times, in the absence of any plans or intentions for reform; rather, there appear to be intentions to continue this self-destructive process.
We sadly recall that during the years of the civil war, the U.S. dollar was equivalent to 3 Lebanese Lira, which then deteriorated to 3,300 Lira per dollar, meaning it is now 1,100 times more. Today, after approximately 40 years, history is repeating itself, as the decline of the Lira has now reached about 80 times, with no prospects or limits, and it could see an increase of zeros and tens and hundreds of thousands within a few short days. The currency deterioration continues, without plans, strategies, or intentions to stop the bleeding, and the losses endured by the hardworking people and the white economy.
In the face of these enormous losses borne by entrepreneurs, innovators, and investors, there are substantial profits being made by promoters, smugglers, and money launderers, who have a direct and ongoing interest in this collapse and destruction. If there were a genuine intention to stop the collapse, they would first mandate the economy to follow a unified and official exchange market, not obscure telephone platforms whose management and methods of operation are unknown to us.
If there were a serious genuine intention, the priority would have been to reactivate the economic cycle and growth for both the public and private sectors. Whether we like it or not, no matter the funding, assistance, or conferences, without restoring growth and the economic cycle, especially trust, it will not be possible to return even one cent to the depositors.
We cannot dream of restoring growth and trust without empowering and enabling state institutions, as well as private and financial institutions, to finance the new economy and growth. When the countries of the region differed, we in Lebanon differed even more, escalating our disputes. Yet when they agreed, our absence became the prevailing situation, and we continued with the same internal conflicts and tensions, without any limits or goals except for destructive, self-serving objectives.
Once again, the world demonstrates to us that we are no longer among the priorities, nor on the agendas of nations. The bitter truth, which we do not want to confront or acknowledge, is that the financial, monetary, and economic decline will continue increasingly, and the exchange rate will rise not by tens but by hundreds, with no ceiling to this ongoing deterioration. This program, the episodes, and this destructive play are ongoing, with a clear objective: to destroy what remains of the white economy, waste the meager funds of depositors, support the black economy, the dark black market, random and destructive trade exchanges, and attract all the global dark hands to our platform and to our scorched land.
Undoubtedly, our economy is weakening and our people are bleeding, but we proudly remember that our will has not been and will not be destroyed. Entrepreneurs, innovators, and investors have not and will not surrender, and our flame will continue to shine and never extinguish, with our resilience and steadfastness at the heart of our fateful struggle.
