SAWT BEIRUT INTERNATIONAL

| 29 January 2023, Sunday |

Black market dollar soaring up, crises heading down.

 

Black market dollar recorded on Tuesday, 20,600 Lebanese pounds for purchase, and 20,680 for sale, compared to 20,100 Lebanese pounds for purchase and 20,150 for sale, yesterday.

Lebanon is experiencing a severe economic and financial crisis with which the purchasing power of citizens has declined, in addition to the inability of Banque du Liban to meet the government’s decision to subsidise medicines and basic materials listed on the support regulations, which led to a decrease in the stock of fuel, medicines and baby milk in pharmacies, the loss of some medicines, the decline in the stock of medical supplies in hospitals, and the loss of subsidized food.

The dollar began to increase again after falling last week, owing to some optimism about the formation of a new administration in Lebanon, led by billionaire Lebanese businessman Najib Mikati, rather than the existing caretaker government.

When withdrawing dollars from small depositors a while back, Lebanese banks fixed a price of 3,850 pounds to the dollar, which is still in effect today.

On the other hand, the Syndicate of Money Changers in Lebanon has set the dollar exchange rate against the Lebanese pound, 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 1,507.5 pounds per dollar, and it is allocated to some basic commodities only.