The green currency jumped yesterday, Saturday, after the Prime Minister-designate Mustafa Adeeb apologized for continuing the task of forming the government, amid expectations of further rise due to the high demand for the green currency in light of the increase in political tensions, which further deteriorates the Lebanese economy.
During the past weeks, the exchange rate of the pound on the black market stabilized at 7,500 pounds against the dollar.
After Adib’s apology, the dollar rose in an unprecedented way to record 9,000 pounds on the black market, while information from market dealers indicated that it touched the 10,000-Syrian-pounds barrier in the Bekaa region.
Lebanon had hoped to form a government soon, fearing the repercussions of failing the French initiative to form a government of non-politicians to implement reforms.
On Friday, International Monetary Fund spokesperson Jerry Rice confirmed that the fund is present to engage with the Lebanese government when it is formed. He added, “We must proceed with the required reforms to restore confidence in Lebanon and face the challenges.”
Amid this state of chaos prevailing in the political street in Lebanon, some economists warned against the dollar crossing the threshold of 15 thousand pounds.
Financial expert and economist Antoine Farah told local media: “Yes, there is an expected disaster if we do not have a close solution to our crisis, and the dollar on the black market will rise, of course, but in a limited way, but the real disaster will be after a few months, then the country will enter the stage of hyperinflation.” This means that we have reached the Venezuelan scene. ”
On October 17, 2019, thousands of Lebanese took to the streets to protest the performance of the political class, which they accuse of corruption and failure to manage successive crises.
The economic crisis in Lebanon has caused high inflation and pushed nearly half of the population below the poverty line.
Lebanon is under a public debt burden of $ 92 billion, or 170% of the value of its GDP, and last March, the Lebanese government suspended payment of $ 1.2 billion in debt.
Hours after the big jump, the price of the dollar fell in the unofficial (black) parallel Lebanese market during early trading on Sunday morning, ranging between 8200 and 8300 compared to 9 thousand pounds per one dollar during yesterday evening trading.
Financial experts expect the dollar to continue its rise, as a new increase in cases of corona infection in Europe has boosted the appetite for it as a safe haven, in addition to the increase in political tensions.
The Syndicate of Money Changers announced pricing the exchange rate of the US dollar against the Lebanese pound on Sunday 26/9/2020 exclusively, with a moving margin between buying at a minimum price of 3850 and selling at a price of 3900 as a maximum.
In order to sell the dollar at this price in exchange companies, there are many conditions, including salaries of foreign workers, installments of university students outside Lebanon, home installments and rent for housing for students outside Lebanon, provided that documents indicating eligibility are presented.
The dollar is also spent at this level for food and medical supplies companies, according to conditions.
The Central Bank of Lebanon fixed the exchange rate of the dollar at 1,507.5 pounds. This price applies only to imports of fuel, medicine and wheat.
Banks set the price of 3,850 pounds to the dollar, when withdrawing dollars to small depositors.
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