The exchange rate of the Lebanese pound against the dollar declined in Thursday morning trading in the black market, after stability in exchange rates on Wednesday.
The exchange rate of the dollar against the Lebanese pound in early trading Thursday was about 9,395 pounds for purchase, while the selling price of the Lebanese currency reached 9,425 pounds, according to local media.
Lebanese banks are fighting a financial crisis in order to bolster their defenses by increasing the capital by 20% by the end of this month.
Four banking sources familiar with the situation said that less than half of the 12 major banks are expected to meet the target set by the central bank last August to strengthen the sector.
The Lebanese pound has fallen 82% since late 2019, at a time when Moody’s ratings agency estimated that losses on international bond portfolios exceed 65%.
The exchange rate of the dollar in the Central Bank of Lebanon continued at 1,507.5 pounds for every one dollar, and it is allocated for basic commodities only.
Lebanese banks set the price of 3,850 pounds to the dollar, when withdrawing the dollar to small depositors a while ago, and it is still in force today.
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.
Lebanon, which is suffering a major financial crisis caused by a mountain of debt, already lacks the capacity to generate electricity, so some homes and companies face power outages that last for several hours a day, forcing many to use private generators.
And Dr. Abdel-Rahman El-Bizri, head of the National Committee for Corona Vaccines in Lebanon, announced his intention to resign for violating the distribution standards.
This came after dozens of parliamentarians were revealed to have received the vaccine, which violates the standards.