| 2 December 2022, Friday |

Black market dollar remains stable

The exchange rate of the US dollar against the Lebanese pound on the black market continues at its rate, ranging between 27900 Lebanese pounds for purchase and 27800 Lebanese pounds for sale.

Last March, Lebanon announced that it was unable to pay its outstanding debts on time, and suspended the payment of $1.2 billion due on the ninth of March, putting the debt-ridden country on the path of defaulting on sovereign debt, at a time when it is facing a major financial crisis.

The Lebanese local currency has lost more than 95 percent of its value since the economic downturn began in 2019, and banks are no longer allowing foreign currency depositors to access their savings.

And the credit rating agency Fitch said that the road remains difficult for Lebanon to get out of the default situation on its sovereign obligations.

The outgoing Lebanese Cabinet approved a roadmap for financial recovery during its last session before moving to the caretaker status.

The plan includes canceling a “significant part” of the Central Bank of Lebanon’s foreign currency obligations towards commercial banks and dissolving banks that are not eligible to continue by November.

But the Association of Banks in Lebanon objected to the road map a few days ago, saying that it puts the full losses of the economic collapse in the country on the shoulders of depositors.

  • Sawt Beirut International