| 22 May 2024, Wednesday |

Black-market dollar opens “low”

The black-market dollar exchange rate recorded 24,550 pounds for sale, and 24,600 pounds for purchase this morning.
It is no secret that “wrong policies in addition to speculation and debts that burden the treasury, are behind the repeated jumps of the dollar exchange rate in the Lebanese market, in addition to a rentier economy that must be reformed to become productive, and the whole situation needs a recovery and reform plan in all sectors.”
The Lebanese pound has lost more than 93 percent of its value since summer 2019, when it began breaking away from the exchange rate of 1,500 LBP to the dollar, which has been pegged since 1997.
Economists warned of the impact of Lebanon’s problem with the Gulf nations on the Lebanese economic reality, pointing out that the production sectors that were an input for the dollar would be harmed, in addition to the closure of Saudi institutions in Lebanon.