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.
Banks in Lebanon have been facing a crisis since last year after political turmoil, as remittances from expatriates fell and foreign exchange liquidity diminished, which led to the government’s suffering in financing a mountain of debt.
The average price of the dollar on the black market ranged between 8,600 and 8,650 pounds for purchase, and 8,700 and 8,750 pounds for sale for one dollar, according to regions and demand.
The Lebanese banking system has been paralyzed since last year due to a liquidity crisis, which led to the country’s inability to pay its huge debts.
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 a level that in some cases reached $ 15 a month.
The removal of subsidies
On Monday, the unions of the land transport sector and the General Labor Union in Lebanon refused to lift support for basic commodities and fuel in a decision that was initiated between the government and the Bank of Lebanon.
The unions warned that this step, which would increase prices sharply, would be the spark to ignite the country, and they announced a popular move, which will be scheduled for later.
In Lebanon, meetings are being held between officials and the Bank of Lebanon to discuss how to lift the subsidy and the mechanism that will be adopted to compensate for it, after an unprecedented decline in foreign currency reserves.
$ 1.8 billion
The data indicate that the reserves available at the Central Bank of Lebanon amount to only about one billion and 800 million dollars, noting that the support costs the Bank of Lebanon about 600 million dollars.
The central bank is using diminishing foreign exchange reserves to support major imports such as wheat, fuel and medicine.
The removal of subsidies, which the central bank said could not last indefinitely, will cause more suffering and may inflame tension.
The Beirut explosion on 4 August came to deepen the economic crisis afflicting Lebanon, which is the worst economic crisis in its modern history. Tens of thousands of Lebanese lost their jobs or part of their salaries and eroded their purchasing power.
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 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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