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.”
Reducing the 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 some harsh restrictions on withdrawals from bank accounts denominated in dollars, banned transfers and reduced spending limits on cards abroad to a level that in some cases reached $ 15 a month.
This led to a large number of Lebanese students from all over 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: And therefore, the smallest buying and selling of the dollar moves the market in a broad way.
He explained in press statements: “It is not possible to estimate whether the price will rise slightly before it recedes or will follow an upward trend, but what is certain is that only the Lebanese citizen pays the price of wasting time by losing the purchasing value of what is left of his income.”
Black market
According to local media, the price of the pound on the black market was 8,450 pounds for purchase and 8,550 pounds for sale, an increase of 100 pounds for buying and selling.
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 eligibility 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 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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