The exchange rate of the dollar against the Lebanese pound rose today, Monday, by 125 pounds at one go during early trading on the parallel market.
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.
On the black market, the price of the dollar increased to 7,400 pounds for purchase and 7,450 pounds for sale, compared to 7275 pounds for purchase and 7,325 pounds for sale, yesterday.
The exchange rate of the dollar on the Lebanese black market is witnessing rapid changes, depending on the regions, depending on the abundance of the dollar in the local market, and the political developments in the country that has been facing tensions since October 2019.
The price has stabilized at exchange companies with a moving margin between buying at the price of 3,850 pounds for purchase and 3,900 for sale as a maximum.
The drop in the pound comes as Lebanon extended the deadline for submitting the data required for a criminal audit on the central bank after refusing to provide some information on grounds of banking secrecy.
Caretaker Prime Minister Ghazi Wazni said that the Central Bank of Lebanon had withheld information requested by consulting firm Alvarez & Marsal to start the audit, which is a key requirement for foreign financial aid to help Lebanon cope with a financial meltdown.
He added that the Lebanese government would try to provide the documents, which would allow the company to perform the tasks stipulated in the contract with regard to criminal audit.
He added that “the criminal audit is a reform step par excellence, and President (Michel) Aoun stressed the importance of his commitment.”
The Banque du Liban said in a statement that it had submitted its accounts for the sake of auditing, but it was the government that must present all of the state’s accounts to the specialized body that Lebanon appointed this year, “which avoids the Banque du Liban violating confidentiality laws.”
Prime Minister Saad Hariri, who was appointed to the post last month, is trying to form a government under the sectarian political system that governs the country to implement reforms that address Lebanon’s worst crisis since the civil war that raged between 1975 and 1990, which includes paralysis in the banking sector, a collapse of the currency and widespread poverty. .
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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