| 29 May 2024, Wednesday |

Remarkable rise for dollar on black market

On Thursday morning, the dollar surged again on the black market, hovering between 16,200 for sale and 16,300 LBP per dollar for purchase.

On Wednesday evening, the dollar was traded between 15,130 LBP for sale and 15,130 LBP for purchase.

Lebanon is grappling with shortages of medicine, fuel and food as the country deals with an economic collapse that has seen the pound lose 90 percent of its value since 2019. Over half the population is living in poverty.

Lebanese banks have set the dollar at a rate of 3,850 pounds when withdrawing the dollar to small depositors a while ago, and it is in effect until today.

On the other hand, the Syndicate of Money Changers in Lebanon set the dollar rate between 3,850 Lebanese pounds for purchase, and 3,900 pounds for sale, as a maximum.

The exchange rate of the dollar in the Central Bank of Lebanon remained at 1507.5 pounds per dollar, and it is allocated to some basic commodities only.

  • Sawt Beirut International