The Lebanese pound has tumbled against dollar in the afternoon, at an exchange rate of 12,850 LBP for buying, and 12,900 LBP for selling.

The dollar has traded in the morning on the Lebanese black market at an exchange rate between 12,775 and 12,825 Lebanese pounds per dollar.

Lebanon is going through an unprecedented economic, social and financial crisis in its modern era, as the lira lost more than 80% of its purchasing power, which wear out the citizen and put more than 60% of the Lebanese under the poverty line, threatening their daily livelihood.

The Central Bank announced that the exchange rate for selling the dollar, known as “Sayrafa platform”, is to be set at 12,000 Lebanese pounds for selling, without revealing a specific launching date.

Lebanese banks set the price of 3,850 pounds per dollar, when withdrawing dollar to small depositors

The Syndicate of Money Changers in Lebanon proved pricing the exchange rate of the dollar against the Lebanese pound with a moving margin between  3850 pounds for purchase and 3900 pounds for sale, as a maximum.

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