The Lebanese pound is facing major fluctuations in the informal market between ups and downs during daily trading.
The Money Exchange Syndicate in Lebanon announced the pricing of the US dollar exchange rate against the Lebanese pound today exclusively and by a moving margin between: buying at 3850 pounds at a minimum, and selling at a price of 3900 at a maximum, without any change from the previous period.
The price of the dollar in Lebanon in the unofficial parallel (black) market ranged between 7700 and 8000 pounds per dollar, according to local media.
It is noteworthy that the exchange rates of the dollar on the black market vary from one region to another and from one cashier to another.
The lira had reached a record low of 9500 pounds against the dollar, at the beginning of this month.
The Lebanese Central Bank established the official exchange rate for the dollar at 1507.5 liras. This price is only applied for dollars in imports of fuel, medicine, and wheat.
As for the exchange rates of the dollar, which are determined by the Directorate of Monetary Operations at the Central Bank of Lebanon, it was set in this morning’s bulletin at 3,800 pounds.
This dollar exchange rate has been fixed since last June 18, and it was recorded on June 17, 3,810 pounds.
Lebanon is experiencing its worst crisis since the civil war between 1975 and 1990, and its problems have been exacerbated since the failure to pay its debts in March, after years of the Central Bank adopting a financial engineering policy to help finance the government.
Food and clothing costs rose 190 percent and 172 percent respectively in May compared to a year ago, according to official data provided by the Lebanese Credit Bank.
Talks between Beirut and the International Monetary Fund that started in May have stalled as a dispute arose between the Lebanese government and the central bank over the size and method of sharing losses in the financial system, which Alan Biffany, a former member of the Lebanese negotiating team with the IMF, estimated at $ 69 billion.