September 26, 2019
The Lebanese Economic Crisis
Similar to many places around the world, Lebanon is going through tough economic times. The national debt has skyrocketed, the stability of Lebanese Pound is questionable, and public trust in the banking system is wavering. We’ve all heard about the closure and suspension of several big organizations, such as Jammal Trust Bank (JTB) and Future TV. More companies are at risk of shutting down or temporarily suspending their operations due to the current conditions.
As awful as it may sound, there are many ways that we, at an individual level, can rehabilitate our economy and put Lebanon back on track.
We’re All in this Together
There is a lot that we can do as individuals to get ourselves out of an economic situation that touches everyone in one way or another.
Support Lebanese Businesses. We need to continue to support Lebanese businesses. They are open for us. From supporting the farmers and purchasing their produce to buying other Lebanese products and services, keep your local businesses in mind when making your shopping decisions. At Presentail, for example, we provide customers with a wide range of products sourced from recognized and beloved Lebanese brands. Imagine that you can help an economy improve gift by gift…pretty powerful!
Invest in Lebanon. With Lebanon’s different terrains, we’re sure you can’t make up your mind about which view is the best. From its cedar-topped mountains to its fruitful valleys, each part of Lebanon is worthy of investing in…whether it’s a home, office, business, or whatever you desire. You can also invest in the great ideas our intelligent, creative, and talented Lebanese people are generating. Whether they’re solutions to save the environment or an invention that can be used all over the world, these great ideas are worth funding.
Believe in the National Currency. This message has been circulating for a long time: You need to have hope in the Lebanese Pound (also known as the lira). It’s so easy to pay in a foreign currency in Lebanon (especially if it’s US Dollars), unlike other countries in the world. Pay in Lebanese pounds, invest in Lebanese pounds, and bank in Lebanese Pounds when possible. Even though our national currency is pegged to the dollar, it doesn’t mean that it doesn’t face the risk of being devalued.
Stick around. Don’t leave just yet! A lot of people would leave this country the moment they get the chance to do so. We won’t lie. Yet, the current situation won’t linger forever. Travel is good; it’s important to discover new cultures, embrace opportunities abroad, and follow your dreams. However, you’ll always find your way back home one way or another. A lot of people perceive Lebanon as not suitable for us, so why don’t we work to make it suitable for us? For everyone living abroad, we hope you’ll make your way back here one day, despite all of the country’s challenges.
Things Will Get Better
Just like you, we don’t know where Lebanon is headed with respect to its economic situation. Yet, what we do know is that if we join forces and work together to improve our country, we’ll be able to reap the benefits that resulted from our collective efforts.
Presentail was launched in such a risky time and environment, yet here we are making small successes every day. Believe and invest in your country, and your country will give back to you.