SAWT BEIRUT INTERNATIONAL

| 26 September 2021, Sunday |

Black market dollar continues to rise in light of government formation struggle

After witnessing a significant decline in the black market dollar during the past two days, it rose again against the Lebanese pound, to record the exchange rate this morning reaching 11,700 pounds in the black market, after it was last registered yesterday at 11,200.

Lebanese banks set the price of 3,850 pounds to the dollar, when withdrawing dollars to small depositors. The Syndicate of Money Changers in Lebanon fixed the pricing of the exchange rate against the pound within a margin oscillating between 3,850 pounds for purchase and 3,900 pounds for sale as a maximum rate.

Since the outbreak of the crisis in Lebanon by the end of 2019, the losses of the pound against the dollar have reached about 90%. While protesting against the deteriorating situation and the continuing collapse of Lebanon’s currency, angry protesters burned tires and blocked roads across Beirut, on Tuesday.

The exchange rate of the dollar at the Central Bank of Lebanon remains at 1507.5 pounds per one dollar, and it is allocated for basic commodities only.

The Syndicate of Money Changers in Lebanon confirmed the pricing of the dollar exchange rate against the Lebanese pound within a margin oscillating between 3,850 pounds for purchase and 3,900 pounds for sale, as a maximum rate.

All eyes are on Baabda Palace, after President Michel Aoun scheduled a date for a meeting with Prime Minister-designate Saad Hariri to agree on the process of forming the government.

However, it is now obvious that the government formation struggle will not affect the decline or rise of the black market dollar, and such a step does not mean that we will go back to the way things were before.