SAWT BEIRUT INTERNATIONAL

| 3 February 2023, Friday |

Black-market dollar, big leap

The black market dollar exchange rate, opened this morning, Thursday, at a price ranging between 21850 – 21900 Lebanese pounds per US dollar.
While it closed yesterday evening, between 21575 and 21625 Lebanese pounds per dollar, after recording in the afternoon, between 21550 and 21600 Lebanese pounds per dollar.
The Lebanese pound has begun to gradually decline since 2019 against the dollar, coinciding with a severe liquidity crisis, and banks stopped providing depositors with their money in dollars, while the official exchange rate is still fixed at 1,507 pounds.
The Lebanese pound has lost about 90% of its value during the past two years, which has pushed three quarters of the population into poverty ranks.
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.