The price of the dollar jumped against the Lebanese pound, at the beginning of trading today, Monday, June 21, 2021, on the unofficial black market for cash.
The price of the dollar in this market increased to 15,520 pounds for purchase and 15,300 pounds for sale, compared to 15,125 pounds for purchase and 15,175 pounds for sale, yesterday.
And the only solution for Lebanon to get out of the stifling economic crisis that is plaguing the country is an agreement with the International Monetary Fund, according to a European official.
And as the High Representative for Foreign Policy of the European Union, Josep Borrell, said yesterday, Saturday, in Beirut, “only an urgent agreement with the International Monetary Fund will save the country from financial collapse and there is no room for wasting time.”
In a statement to reporters after meeting President Michel Aoun, on his first official visit to Lebanon, Borrell added that the European Union is ready to support Lebanon “as soon as the International Monetary Fund program begins,” with which the Lebanese government held several negotiating sessions last year, but it was quickly suspended due to Disagreements between the Lebanese negotiators.
“We have the resources and the will to help more, but in order to help we need reforms,” Borrell stressed.
The international community has required Lebanon, especially since the explosion, to implement urgent reforms in order to obtain the necessary financial support to get it out of the cycle of economic collapse that it has been experiencing for nearly two years.
However, more than 10 months after the resignation of Hassan Diab’s government following the explosion of the Beirut port, and despite the weight of the economic collapse and international pressures, Prime Minister-designate Saad Hariri was unable to form a government, due to differences between the political parties.
Governments often take many months to form due to sharp political divisions. But the economic collapse, exacerbated by the port explosion and the measures to confront the Corona virus, are factors that do not allow procrastination.
Lebanese banks set the price of 3850 pounds to the dollar, when withdrawing the dollar to small depositors a while ago, and it is in effect until today.
On the other hand, 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 exchange rate of the dollar in the Central Bank of Lebanon remained at 1507.5 pounds per dollar, and it is allocated to basic commodities only.