SAWT BEIRUT INTERNATIONAL

| 17 January 2022, Monday |

Black market dollar again on the rise, following Kordahi’s resignation

Following Kordahi’s resignation, the dollar exchange rate on the black market recorded a remarkable increase this Friday afternoon, as it ranged between 23,250 and 23,350 Lebanese pounds per dollar.

On Friday morning, the black-market dollar recorded a noticeable decline, in the wake of preparations for the resignation of Information Minister Georges Kordahi.

The dollar has traded 21,950 Lebanese pounds for purchase and 22,000 pounds for sale.

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.