| 30 May 2024, Thursday |

Black market dollar registers new increase on Wednesday evening

The dollar’s exchange rate surged on Wednesday evening, registering between 24,200 and 24,250 Lebanese pounds per US dollar.

The Lebanese pound has been rapidly declining against the dollar since 2019, coinciding with a major liquidity crisis and banks refusing to provide depositors with money in dollars, despite the fact that the official exchange rate remains fixed at 1,507 pounds.

The Lebanese pound has lost around 90% of its value over the last two years, pushing three-quarters of the population into poverty.

Economists warned of the repercussions of Lebanon’s crisis with the Gulf states on the Lebanese economic reality, pointing out that the productive sectors that were an input for the dollar would be affected, in addition to the closure of Saudi institutions in Lebanon.

Experts expected more pressure, especially on the dollar’s exchange rate, the rise in unemployment and economic stagnation.

  • Sawt Beirut International