The exchange rate of black market dollar recorded 12,675 Lebanese pounds per dollar for sale this Saturday morning and 12,725 Lebanese pounds for purchase. Fuel prices in Lebanon jumped dramatically with the spreading rumors of government lifting subsidies on consuming goods and foodstuffs, along with a rise of the dollar.
Fuel shortage crisis joined the exacerbating crises experienced by the Lebanese people, as a result of a government plan, which implementation date has not been set yet regarding subsidies lift on consumer and foodstuffs.
Lebanese banks set the price of 3,850 pounds per one dollar, for small depositors’ withdrawls
The Syndicate of Money Changers in Lebanon confirmed the pricing of the dollar exchange rate against the Lebanese pound with a moving margin between the price of 3,850 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 for every one dollar, and it is allocated for basic commodities only.
Lebanon suffers from a severe economic and financial crisis as a result of wastage and corruption in state institutions over the past years, which led to an increase in the poverty rate to more than 50%.