| 26 May 2024, Sunday |

National currency depreciation: Black market dollar keeps soaring

On Sunday morning, the dollar exchange rate has registered 21,925 LBP for sale on the black market and 21,850 LBP for purchase.

On Thursday, and after a meeting held between President Aoun and Former Prime Minister-designate Saad Hariri, the latter 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.

When withdrawing dollars from small depositors a while back, Lebanese banks fixed a price of 3850 pounds 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.

  • Sawt Beirut International