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Living under Double Digit Inflation
Manage episode 328029519 series 3347694
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Lebanon was once dubbed the Switzerland of the Middle East for its unique status as both a snow-capped destination and discreet banking hub for Gulf Arabs. But the average inflation rate by September 2021 reached 132.98%, higher than the average inflation rate of 66.13% over the first nine months in 2020. In this episode, Sooly and Marco from Bitcoin du Liban tell us about the events that led up to the Lebanese Lira's collapse, like a tax on WhatsApp and devastating wild fires, why luxury good prices remained almost unaffected, and how energy and electricity supply played a critical role.
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