The price of the dollar in Lebanon ranged between 15,325 and 15,375 pounds per dollar on the black market, a slight increase from the previous price.
And the only solution for Lebanon to get out of the stifling economic crisis plaguing the country is an agreement with the International Monetary Fund, according to a European official.
According to the EU High Representative for Foreign Policy Josep Borrell, “only an urgent agreement with the International Monetary Fund will save the country from financial collapse and there is no time to waste.”
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 was soon suspended due to Disagreements between the Lebanese negotiators.
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.
Lebanon’s energy minister said the country’s gasoline subsidies would not last and would eventually stop.
He added, “We have to get used to and be convinced that this support that we have benefited from for a year and a half, and perhaps for years before, without knowing, will end.”
But 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.
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.
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