The exchange rate of the US dollar against the Lebanese pound rose today, Saturday, October 3, 2020, as the dollar recorded a significant increase, while the green currency rate remained constant in the central bank, banks and exchange.
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.
On Thursday, the Lebanese parliament approved a new law whereby obtaining dollars at the official exchange rate would be made available to a certain group of Lebanese, “the low price.”
Discounted dollar for students
The law allows students studying abroad to transfer $ 10,000 from Lebanon at the official exchange rate, which is much lower than the current price.
The Lebanese pound collapsed as banks imposed harsh restrictions on withdrawals from bank accounts denominated in dollars, blocked transfers, and slashed card spending limits abroad to levels that in some cases reached $ 15 a month.
This led to a large number of Lebanese students in various parts of the world facing difficulties in paying the fees and in providing for their daily expenses.
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.
And he continued: Therefore, the smallest buying and selling of the dollar moves the market in a large way.
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.”
Dollar prices on the black market
According to local media that monitored the price of the lira on the black market against the dollar, the price of the dollar on the parallel market jumped to 8,350 pounds for purchase and 8,450 pounds for sale, with an increase ranging between 100 pounds for purchase and 150 pounds for sale.
Dollar prices at cashiers
The Syndicate of Money Changers 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 eligibility are presented.
The dollar is also spent at this level for food and medical supplies companies, according to conditions.
Dollar rates in the central bank
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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