The average price of the dollar continued to rise against the Lebanese pound, during morning trading today, Tuesday, in the parallel “black” market, amid a shortage of supply and increased demand.
The average price of the dollar against the pound on the black market ranged between 6,700 and 6,775 pounds per dollar, compared to 6,600 and 6,750 pounds yesterday, according to local media.
Lebanon needs financial liquidity quickly after it was unable to pay off huge sovereign debt obligations after the crisis paralyzed banks.
Lebanon is facing an economic slowdown due to 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 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 Syndicate of Money Changers in Lebanon confirmed the pricing of the dollar exchange rate 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 dollar in banks
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.
Banks set the price of 3,850 pounds to the dollar when withdrawing dollars to small depositors.