With the escalating threats, with a day of anger to reject the government’s plan to reduce subsidies, while the exchange rate of the dollar stabilized in banks and exchange offices.
The average price of the dollar on the black market in Lebanon was about 8750 pounds for purchase, and 8,850 pounds for sale, and the price usually varies according to regions and demand, while the price has stabilized in banks and money changers.
Hassan Diab, head of the Lebanese caretaker government, said that any move to lift all subsidies at the present time is unacceptable and will cause a social explosion, stressing that the Banque du Liban is responsible for the consequences of removing subsidies on basic materials.
He continued his attack on the Banque du Liban, saying: “If the Banque du Liban was not able in the past to resist political pressures, it is not understandable today to bully the Lebanese by removing support.”
In a speech on Friday, Diab added that the government has spent 4 billion dollars so far in 2020 on subsidizing food, medicine, flour and wheat imports.
The head of the Lebanese caretaker government indicated that the situation the country has reached calls for a stand of conscience, a rise in individual gains, and the primacy of the national interest over the individual.
The collapse of the lira
Banks in Lebanon have faced a crisis since last year after political turmoil, as remittances from expatriates declined and foreign exchange liquidity diminished, which led to the government suffering in financing a mountain of debt.
The Lebanese pound collapsed as banks imposed harsh restrictions on withdrawals from bank accounts denominated in dollars, blocked transfers, and reduced spending limits on cards abroad to a level that in some cases reached $ 15 a month.
With leaks about the government’s move in Lebanon to cancel the subsidies, the land transport sector unions and the General Labor Union in Lebanon refused to lift subsidies on basic commodities and fuel, in a decision being considered by 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 popular action.
And unofficial information indicates that the Central Bank will not be able to support fuel, wheat and medicine for more than the next three months.
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 price of the dollar in 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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