The black market dollar recorded an additional drop this Wednesday morning, as it ranged between 24,100 Lebanese pounds for purchase and 24,000 LBP for sale.
The Lebanese pound witnessed an improvement in its value against the US dollar, which led to a decrease in the price of bread and fuel this week.
The Lebanese pound has been rapidly declining against the dollar since 2019, coinciding with a major liquidity crisis and banks refusing to provide depositors with money in dollars, despite the fact that the official exchange rate remains fixed at 1,507 pounds.
The local currency has lost around 90% of its value over the last two years, pushing three-quarters of the population into poverty.
A month ago, Lebanon’s Central Bank had set a new rate of 8,000 Lebanese pounds to the US dollar for withdrawals from bank deposits denominated in dollars but which can now only be accessed in the local currency.
Economists warned of the repercussions of Lebanon’s crisis with the Gulf states on the Lebanese economic reality, pointing out that the productive sectors that were an input for the dollar would be affected, in addition to the closure of Saudi institutions in Lebanon.