The exchange rate of the dollar on the black market recorded a significant increase today, Monday, between 28350 and 28400 Lebanese pounds per dollar, after it ranged in the morning, between 27650 and 27700 Lebanese pounds per dollar.

The rise of the dollar coincides with the start of the final results of the parliamentary elections to appear in various regions.

Nassib Ghobril, chief economist at Byblos Bank, said in an interview with “Sawt Beirut International” that “the objectives of the Banque du Liban from Circular 161 issued have been achieved, which is to withdraw liquidity in the pound, curb the deterioration of the exchange rate of the pound and pump dollars into the Lebanese market.”

He pointed out that “there are rumors, intimidation and absurd auctions about the high exchange rate after the parliamentary elections, and rumors about canceling the exchange platform, and this is inaccurate.”

He believed that “the Central Bank does not claim that circular 161 is the solution and should not be considered a solution, but rather it is a temporary and local measure to curb the deterioration of the exchange rate of the lira in the parallel market because of its repercussions on all sectors and on the purchasing power of the citizen and on the Lebanese economy pending basic structural reforms.”