The dollar is “falling” in front of the pound … and...

The dollar is “falling” in front of the pound … and...
The dollar is “falling” in front of the pound … and...

Two events during the current week affected the balance of the black market for the exchange of dollars up and down. The postponement of parliamentary consultations and the recent circular of the Governor of the Central Bank of Lebanon regarding setting a specific ceiling for banks to withdraw funds in Lebanese pounds imposed a kind of confusion about the nature of the next stage, hoping to wait for a new horizon for the expected government.

This morning, the black dollar opened at the price of 8000-8100 pounds, to return at noon and record a slight decline between 7850-7950 Lebanese pounds to one dollar

Dollar holders live in a state of anticipation of prices on the black market, in order to decide to buy or sell dollars. The dollar is currently witnessing a slight ups and downs process, but it suddenly reaches the point of change within hours.

On the other hand, the dollar price at the money changers is recorded as 3850 pounds for purchase, and 3900 pounds for sale.

It is worth noting that the legalization of banks for withdrawals in Lebanese pounds, according to some economic observers, is considered a step to prevent the conversion of the pound into hard currency, and it is an indirect way to raise official support, because this rationing will inevitably push citizens to reduce consumption.

Observers point to the emergence of a new problem in the Lebanese market. After the problem of storing green currency in homes was one of the reasons for the high price of the dollar due to its scarcity, it became clear that many Lebanese are storing the pound in homes due to the anxiety they are experiencing, and this is what circles at the Bank of Lebanon noticed, The quantities stored inside homes are estimated at thousands of billions of pounds, especially since the market is quickly absorbing the printed quantities, which are no longer pumped again.

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