| 26 May 2024, Sunday |

Black market dollar surge amid pessimistic atmosphere

On Friday morning, the black market dollar climbed amid the return of the pessimistic atmosphere in the process of government formation.

Exchange dealers said they were selling the dollar for 18,700 Lebanese pounds and buying it for 18,600 Lebanese pounds.

On Thursday evening, the dollar exchange rate on the black market hovered between 18,600 and 18,650 LBP after a noticeable decline in the morning, as it hovered between 17,400-17,700 LBP.

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