The dollar is witnessing a continuous increase in Lebanon since Prime Minister-designate Mustafa Adeeb announced his apology for not continuing the task of forming the government.
Mohamed Faour, a researcher in finance and banking at University College Dublin, said that it is not possible to predict the price that a dollar can reach on the black market, because it is small. Thus, the smallest buying and selling of a dollar moves the market broadly.
He explained in press statements: “It is not possible to estimate whether the price will rise a little before it recedes or will follow an upward trend, but it is certain that only the Lebanese citizen pays the price of wasting time by losing the purchasing value of what is left of his income.”
France is leading international efforts to push Lebanon to fight corruption and implement other reforms demanded by donors. Lebanon critically needs to resume stalled talks with the International Monetary Fund.
Banks, which are central to Lebanon’s service-based economy, have been paralyzed. Depositors were tipped between their dollar accounts or told that they could only get money at a lower value. The currency collapsed, pushing a large section of the population into poverty.
Black market
According to the “Lyra REIT” website, which monitors the price of the lira on the black market against the dollar, the price of the dollar on the parallel market jumped to 8,250 pounds for purchase and 8,300 pounds for sale.
exchange money
The Money Exchange Syndicate announced pricing the exchange rate of the US dollar against the Lebanese pound with a moving margin between buying at 3850 pounds and selling at 3900 as a maximum.
The dollar does not go at this price except to pay the salaries of foreign workers, installments of university students outside Lebanon, house installments and rent for housing for students outside Lebanon, provided that documents indicating entitlement are presented.
The dollar is also spent at this level for food and medical supplies companies, according to conditions.
Banks
The Central Bank of Lebanon fixed the exchange rate of the dollar at 1507.5 pounds. This price applies only to imports of fuel, medicine and wheat.
Banks
Banks set the price of 3,850 pounds to the dollar when withdrawing dollars to small depositors.
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