| 24 May 2024, Friday |

Black market dollar plummets amid talks about forming a government

On Friday noon, the dollar recorded a significant drop on the black market, amid the optimistic atmosphere prevailing in the country and talks about announcing the Cabinet in the afternoon.

Exchange dealers said they were selling the dollar for 17,900 and purchasing it for 17,700 LBP.

On Friday morning, the black-market dollar recorded a significant drop also hovering between 18,100 Lebanese pounds for sale and 18,050 LBP for purchase.

Lebanon is grappling with shortages of medicine, fuel and food as the country deals with an economic collapse that has seen the pound lose 90 percent of its value since 2019. Over half the population is living in poverty.

Lebanese banks have set the dollar at a rate of 3,850 pounds when withdrawing the dollar to small depositors a while ago, and it is in effect until today.

On the other hand, the Syndicate of Money Changers in Lebanon set the dollar rate between 3,850 Lebanese pounds for purchase, and 3,900 pounds for sale, as a maximum.

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

  • Sawt Beirut International