A clerk counts Lebanese pounds at a currency exchange office in Lebanon's capital Beirut, on January 20, 2023. - Two independent Lebanese lawmakers have spent the night in parliament to press for the election of a new president, as factional deadlock leaves the country largely leaderless amid a deepening economic crisis. (Credit: Joseph Eid/AFP)
Laure* and Marwan* are getting married at the end of June and preparing for their life together: a home, a car, furniture. In the same week, they're offered 6% for a home purchase, capped at $100,000; 7 to 10% for a car, provided it is mortgaged; 15.5% for a consumer loan — but they are lucky: Laure, a young advertising professional, got this rate thanks to her employer, while the going market rate is around 24%. Almost everywhere, a down payment of at least 30% is required.Assaad, a waiter at a well-established restaurant in Beirut, earning $600 a month, finds no credit at all. Still living with his parents in Damour, he can't even consider marriage: "I can't afford to date anyone; I'd have nothing to offer her." Between the young couple facing multiple high rates and the low-wage worker ignored by lenders, the...
Laure* and Marwan* are getting married at the end of June and preparing for their life together: a home, a car, furniture. In the same week, they're offered 6% for a home purchase, capped at $100,000; 7 to 10% for a car, provided it is mortgaged; 15.5% for a consumer loan — but they are lucky: Laure, a young advertising professional, got this rate thanks to her employer, while the going market rate is around 24%. Almost everywhere, a down payment of at least 30% is required.Assaad, a waiter at a well-established restaurant in Beirut, earning $600 a month, finds no credit at all. Still living with his parents in Damour, he can't even consider marriage: "I can't afford to date anyone; I'd have nothing to offer her." Between the young couple facing multiple high rates and the low-wage worker ignored by lenders,...
Attack on ship in Hormuz leads UN to halt evacuation plan for trapped sailors