On Saturday morning, a day after the birth of the new government, the dollar exchange rate on the black-market hovered between 16,050 and 16,150 LBP.

The dollar exchange rate has recorded a significant drop on the black market yesterday (Frinday) reaching below 15,000 LBP, amid the optimistic atmosphere that prevailed in the country after announcing the Cabinet in the afternoon.

Lebanese are waiting for the new government to negotiate with the International Monetary Fund, and address the deteriorating situation and economic collapse.

Lebanon is grappling with shortages of medicine, fuel and food as the country deals with an economic collapse that has seen the pound lose 90 percent of its value since 2019. Over half the population is living in poverty.

Lebanese banks have set the dollar at a rate of 3,850 pounds when withdrawing the dollar to small depositors a while ago, and it is in effect until today.

On the other hand, the Syndicate of Money Changers in Lebanon set the dollar rate between 3,850 Lebanese pounds for purchase, and 3,900 pounds for sale, as a maximum.

The exchange rate of the dollar in the Central Bank of Lebanon remained at 1507.5 pounds per dollar, and it is allocated to some basic commodities only.