The exchange rate of the dollar against the Lebanese pound decreased today, Saturday, on the Lebanese black market by about 30 pounds.
The dollar’s decline comes amid French moves to support the Lebanese economy.
The average price of the dollar in Al Sawda ranged between 8250 and 8300 pounds, compared to 8280 and 8350 pounds per dollar, yesterday.
The Central Bank of Lebanon also fixed the exchange rate of the dollar at 1507.5 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.
The Syndicate of Money Changers in Lebanon confirmed the pricing of the dollar exchange rate against the Lebanese pound with a moving margin between the price of 3850 pounds for purchase and 3900 pounds for sale, as a maximum.
The dollar’s decline comes as French President Emmanuel Macron announced that it would organize a conference jointly with the United Nations next Wednesday to help Lebanon financially.
The conference comes four months after an explosion destroyed the port of Beirut and large parts of the capital.
Similar to the previous conference that was organized on the ninth of August, about 30 people were invited to this conference, to be held on the second of December, including heads of state and government, ministers, international institutions and non-governmental organizations.
Macron and UN Secretary-General Antonio Guterres will chair the conference.
Macron decided to organize this support conference despite the fact that the Lebanese authorities have not yet responded to his initiative to form a new government whose mission is to undertake structural reforms.
On the ninth of August, five days after the port explosion, the French presidency organized a videoconference, collecting emergency aid amounting to 250 million euros.
After the port blew up, Macron visited Beirut twice, and on the first of September he announced that he had extracted from the Lebanese political forces a commitment to form a government within 15 days that mandated structural reforms and is a prerequisite for liberalizing major international aid to the country.
However, the Lebanese political forces did not fulfill their pledges, which prompted Prime Minister-designate Mustafa Adeeb to abandon the task of forming the government.
On October 22, former Prime Minister Saad Hariri was assigned to form the government, but his efforts have so far failed to bear fruit due to major internal divisions.
A new deadline set by the French President on 27 September of “four to six weeks” expired, without achieving any breakthrough in this regard.
Last week, the “Alvarez and Marsal” forensic audit company terminated its contract with the Lebanese side to audit the accounts of the Central Bank, after it was unable to obtain the required documents from it.
For over a year, Lebanon has been suffering under the weight of a stifling economic, social and political crisis.
In addition to the sharp decline in the value of the national currency and hyperinflation, Lebanon has been without a government for more than three months.