SAWT BEIRUT INTERNATIONAL

| 23 July 2021, Friday |

Lebanese pound continues to tumble against dollar

On Monday morning, the dollar exchange rate has hovered between 22,250 LBP and 24,000 LBP, after it was traded on Sunday between 22,150 and 22,250 LBP.

The dollar reached a high record exceeding 23,000 LBP on Thursday, after Former Prime Minister-designate Saad Hariri, stepped down and apologized for failing to form a cabinet.

Lebanon failed to establish a new government roughly ten months ago due to disagreements between Hariri and the President of the Republic on quota sharing, the most recent of which was the disagreement over naming two Christian ministers outside the President of the Republic’s quota.

Lebanon is currently experiencing a severe economic crisis, as the financial situation has deteriorated since October 2019, and the value of the national currency has depreciated roughly times against the US dollar, which has led to an increase in the prices of unsubsidized products by more than 400 percent.

When withdrawing dollars from small depositors a while back, Lebanese banks fixed a price of 3,850 LBP to the dollar, which is still in effect today.

The Syndicate of Money Changers in Lebanon, on the other hand, has frozen the dollar exchange rate against the Lebanese pound at 3,850 Lebanese pounds for purchase and 3,900 pounds for sale.

The dollar’s exchange rate at the Central Bank of Lebanon remained unchanged at 1507.5 pounds per dollar, and it is only used to purchase basic necessities.