The price of the dollar on the black market ranged between 8,570 and 8,650 pounds per dollar, and the price depends on regions and demand.
Local media attributed this decline to the increase in the supply of green currency due to transfers and salaries of citizens who resorted to the black market to exchange them.
Banks in Lebanon have faced a crisis since last year after political turmoil, as remittances from expatriates fell and foreign exchange liquidity diminished, which led the government to struggle to finance a mountain of debt.
The Lebanese banking system has been paralyzed since last year due to a liquidity crisis, which led to the country’s inability to pay its huge debts.
The Lebanese pound collapsed as banks imposed harsh restrictions on withdrawals from bank accounts denominated in dollars, blocked transfers, and reduced spending limits on cards abroad to a level that in some cases reached $ 15 a month.
exchange money
The Money Exchange Syndicate 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.
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.
The Lebanese pound collapsed as banks imposed harsh restrictions on withdrawals from bank accounts denominated in dollars, blocked transfers, and reduced spending limits on cards abroad to a level that in some cases reached $ 15 a month.
The Lebanese Central Bank called on the banks to recapitalize and set aside allocations for the losses of their holdings of international bonds to Lebanon, and also urged them to recover the money that had been sent by the big depositors abroad.
The Beirut explosion on 4 August came to deepen the economic crisis afflicting Lebanon, which is the worst economic crisis in its modern history. Tens of thousands of Lebanese lost their jobs or part of their salaries and eroded their purchasing power.
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