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.
And the International Monetary Fund has set two conditions to help Lebanon, namely the lifting of subsidies and the price of the dollar at only 600 pounds.
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 today 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.
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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