The black-market dollar recorded an insane rise on Monday noon, as it reached between 24,000 LBP  and 24,050 LBP per dollar, after it ranged in the morning between 23,300 LBP for purchase and 23,250 LBP for sale.

This rise coincides with the banks’ strike today in denunciation of judicial decisions affecting bankers accused of violating laws and corruption, with the reservation of funds for banks that refrain from delivering deposits to citizens.

The Central Bank Governor Riad Salameh announced in a statement on February 23 that the Central Council agreed to extend Circular No. 161 until the end of March 2022, and this circular is subject to renewal.

Salameh confirmed that dealing in US dollar banknotes against Lebanese pound banknotes continues with banks without a specific ceiling on the price of the “Sayrafa” platform.

The Lebanese pound has lost more than 93 percent of its value since summer 2019, when it began breaking away from the exchange rate of 1,500 LBP to the dollar, which has been pegged since 1997.