The exchange rate of the dollar against the Lebanese pound stabilized during the morning trading Tuesday of the “black” parallel market in Lebanon.
The price of the dollar in Lebanon ranged between 7100 and 7150 pounds per dollar, according to local media.
On the other hand, the Syndicate of Money Changers in Lebanon continued to fix the price of the dollar with a moving margin between buying at a price of 3850 pounds for purchase and 3900 for sale as a maximum.
The Central Bank of Lebanon has also 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.
Raed Khoury, former Lebanese Minister of Economy and Trade, said in press statements that serious reforms must be made in order to obtain loans from international institutions.
He indicated the need to establish a sovereign fund in which the state’s assets would be placed, stressing that its size could reach 50 billion dollars.
The exchange rate of the dollar on the Lebanese black market is witnessing rapid changes, depending on the regions, according to the abundance of the dollar in the local market, and the political developments in the country that has been facing tensions since October 2019.
Lebanon needs about $ 93 billion 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.
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.
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