The black-market dollar exchange rate opened the week by recording a noticeable increase against the Lebanese pound, after it recorded a decline to below 22,500 at the end of last week.
Today, Monday, the dollar exchange rate reached 23000 selling and 23050 buying.
Lebanon is reeling from an economic meltdown described by the World Bank as one of the worst recessions in modern history.
The Lebanese pound has lost more than 93 percent of its value since summer 2019, when it began breaking away from the exchange rate of 1,500 LBP to the dollar, which has been pegged since 1997.
Economists warned of the impact of Lebanon’s problem with the Gulf nations on the Lebanese economic reality, pointing out that the production sectors that were an input for the dollar would be harmed, in addition to the closure of Saudi institutions in Lebanon.
The Syndicate of Money Changers in Lebanon fixed the pricing of the dollar exchange rate with a moving margin between the price of 3,850 pounds for purchase, and 3,900 pounds for sale, as a maximum.