The average price of the green currency ranged between 8 thousand and 8100 pounds, depending on the regions, compared to 7800 pounds for purchase and 7900 pounds for sale on Tuesday.
Lebanon is experiencing a severe economic crisis, which affected aspects of life, as poverty increased, inflation rates increased, and unemployment recorded the highest rates in the country’s history.
Hassan Diab, head of the Lebanese caretaker government, described the situation in the country, saying: “We are beginning to lose the last features of stability and safety in Lebanon .. There are those who are pushing for the idea of removing subsidies from medicine and food, and social pressures are difficult for the people as a result of the depletion of the country’s resources.”
“Anger and Rejection” day
The Lebanese government plans to remove subsidies on many commodities, but the General Labor Union in Lebanon called for demonstrations under the name of “Day of Anger and Rejection” today, Wednesday.
In light of the depletion of dollar resources, the Central Bank provided foreign cash for imports of fuel, wheat and medicine at an official rate pegged at 1,507.5 Lebanese pounds to the dollar, which is well below the current price.
A list of around 300 other food and basic commodities is subsidized at 3,900.
Parliamentary consultations are scheduled to begin on October 15th to choose a new prime minister in an effort to push the divided Lebanese political elites to move in the direction of forming the country’s next government.
Exchange rates
The Syndicate of Money Changers in Lebanon 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.
Lebanon, grappling with a heavy debt burden, is facing its most severe economic crises since the 1975-1990 civil war.
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