The price of the dollar in Lebanon today, Monday, October 26, 2020

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10/26 07:54

The dollar rose again against the Lebanese pound, in the parallel market, “black” Monday morning, while the price stabilized at banks and exchange.

According to local media, the price ranged Dollar Against the lira in the black market, it ranges between 6600 and 6750 pounds per dollar, compared to 6500 pounds for sale and 6400 pounds for buying in Sunday’s trading.

Lebanon needs financial liquidity quickly after it was unable to pay off huge sovereign debt obligations after the crisis paralyzed banks.

The problems facing Lebanon have been exacerbated by the political chaos, the Covid-19 pandemic, and the huge explosion that destroyed the Beirut port, killing about 200 people and leaving billions of dollars in damage.

The exchange rate of the dollar on the Lebanese black market usually witnesses rapid changes, depending on the regions.

The collapse of the Lebanese pound pushed inflation to 120.3 percent year on year in August. Consumer prices have risen in a country that relies heavily on imports but produces few goods.

And the United Nations estimated in May that the number of Lebanon’s population living in poverty, or on less than $ 14 a day, had doubled in the past year and reached 55 percent. Within this category, the number of people considered to be in extreme poverty has tripled, which constitutes about a quarter of the population.

The collapse of the Lebanese pound pushed inflation to 120.3 percent year on year in August. Consumer prices have risen in a country that relies heavily on imports but produces few goods.

The Syndicate of Money Changers in Lebanon kept pricing the exchange rate of the dollar against the Lebanese pound with a moving margin between buying at a price of 3,850 pounds for purchase and 3,900 for sale as a maximum.

The Central Bank of Lebanon fixed the exchange rate of the dollar at 1,507.5 pounds. This price applies only to imports of fuel, medicine and wheat.

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