| 1 February 2023, Wednesday |

Crazy rise and fall of black-market dollar

The black-market dollar exchange rate recorded a “remarkable decrease” this Friday evening, as it ranged between 22,500 and 22,600 Lebanese pounds per dollar, after it had recorded earlier, between 23000 and 23,050 Lebanese pounds per dollar.
Earlier, economist Elie Yachoui said that there is no limit for the dollar’s price hike, due to the impact of Lebanon’s crisis with the Gulf on the current situation.
Yachoui indicated in a radio interview that “the banking system has been emptied of its foreign currency reserves, and there is no solution on the horizon except with bringing dollars.” He noted that “attempts to readjust salaries will negatively affect the exchange rate of the lira.”
He pointed out that “the Central Bank is unable today to control the situation,” warning that “this will lead to a catastrophe, as no one is able to bear the cost of living.”