The price of the dollar against the Lebanese pound during early trading on Friday morning, 7,150 pounds for purchase, and 7,075 pounds for sale, according to dealers in the informal (black) parallel market, amid news of a further rise in prices during the coming period.
The Syndicate of Money Changers in Lebanon kept pricing the exchange rate of the 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 1507.5 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 needs about 93 billion dollars to save its economy, according to the report of the American Institute for Defense of Democracy, while the Lebanese pound continues to collapse against the US dollar, reaching 7600 pounds per dollar.
The inflation rate in Lebanon has reached 500% on an annual basis, and more than 125% on a monthly basis, according to a report published by the Lebanese newspaper An-Nahar.
The total public debt in Lebanon, up to the end of the first quarter of this year, reached $ 90 billion, constituting 170% of the GDP, and this coincided with unemployment, the high cost of living and the low level of infrastructure.
Last March, Lebanese Finance Minister Ghazi Wazni said that his country’s foreign currency reserves amounted to about $ 20 billion, amid fears of a liquidity shortage as the announcement of debt default approaches.
The Central Bank of Lebanon announced at the end of February that the value of its foreign currency reserves amounted to $ 35.8 billion, amid expectations that it would reach $ 15 billion by the end of the second quarter of this year, which means a 58% decline within 4 months.
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