| 25 May 2024, Saturday |

Black market dollar closes at a high rate

The black market dollar exchange rate closed on Sunday at a high rate fluctuating between 21,000 – 21,100 Lebanese pounds per dollar, after trading between 20,950 and 21,050 Lebanese pounds per dollar earlier in the day.

After Minister of Information George Kordahi’s statements, Saudi Arabia called its Ambassador in Lebanon for consultations, the departure of the Lebanese Ambassador to the Kingdom within the next 48 hours, and the halting of all Lebanese imports to the Kingdom. Bahrain also ordered that the Lebanese Ambassador leave the country within 48 hours on Friday evening.

Since 2019, Lebanon has been experiencing a rapid economic decline, aggravated by the explosion of the Beirut Port and deep political divisions.

According to the impact of the economic collapse, 78 percent of Lebanese are poor, the Lebanese pound has lost more than 90% of its value against the dollar, and the costs of all goods have skyrocketed by more than 700%.

  • Sawt Beirut International