| 18 April 2024, Thursday |

Lebanese pound slightly down on black market

The Lebanese pound continued to tumble against the U.S. dollar on the black market on Wednesday, trading at 12,800 LBP.

Exchange dealers were selling the dollar for 12,850 and buying it for LL12,800, down from average of 12,700 LBP in the morning.

The Central Bank this week launched an electronic platform to regulate the dollar exchange transactions in cooperation with commercial banks and licensed exchange dealers.

Citizens who are suffering from the erosion of their purchasing power as a result of widespread unemployment and their currency’s loss of more than 80% of its value are paying the price of  the high exchange rate of the dollar and the liquidity crisis, in addition to the months-long political crisis and other crises, while monopolies play a major role in the high cost Living, amid warnings of imminent lifting of subsidies.

The high exchange rate of the dollar is accompanied with  rise in food prices, the loss of subsidized materials from  markets and their manipulation, in addition to the deteriorating security conditions, the spread of theft and insecurity in the absence of authority.