Black market dollar remains stable today, Saturday, compared to yesterday’s price, amid successive crises plaguing Lebanon, where it recorded 14,950 Lebanese pounds for purchase, and 14,900 Lebanese pounds for sale, after talks of a confirmed apology of Prime Minister-designate, Saad Hariri, has become inevitable.
The International Monetary Fund said on Thursday that proposals to monitor capital and withdraw deposits in Lebanon need to be part of broader policy reforms.
“We do not see a need to implement the Capital Control Law, especially in the absence of appropriate financial monetary support, and exchange rate policies,” said Gary Rice, a spokesman to the fund.
Lebanon’s Central Bank (BDL) had announced the launching of Sayrafa, an electronic platform that would allow commercial banks and licensed dealers to trade foreign currency at market rates, after several failed attempts to launch it.
Central Bank governor Riad Salameh said the BDL will sell U.S. dollars to the Lebanese banks that participate in the Sayrafa platform at a rate of 12,000 LBP against the dollar, after previous reports expected the rate to be 10,000 LBP.
The pound had hit a record low of 15,000 in March on the collapse of efforts to form a new cabinet that would promptly enact economic reforms and begin negotiations with international financial organizations.
The local currency has lost nearly 85% of its value over the past 18 months amid a severe economic and financial crisis that has threatened to destabilize the country.