The average price of the dollar in Lebanon jumped today, Saturday, October 23, 2021, in the unofficial (black) parallel market.
The price of the dollar in Lebanon
The average price of the dollar against the Lebanese pound rose today, Saturday, to 20,450 thousand pounds for purchase, and 20,500 thousand pounds for sale.
Lebanon is seeking to speed up negotiations with the IMF, at a time when Beirut is experiencing one of the most severe recessions in the world on record.
Lebanon’s Economy Minister, Amin Salam, said Lebanon hoped to receive at least $2 billion from the International Monetary Fund, in an agreement that would allow for further foreign aid.
In an interview with Reuters, Salam expressed his hope that crucial figures for progress on the IMF’s path, including Lebanon’s assessment of the extent of losses in its financial system, will be sent to the fund as soon as possible next week.
He said that while it has not yet been agreed on how to distribute the losses, “the views are much closer and the picture has become much clearer.”
He declined to give numbers, saying it was up to the finance ministry, and the central bank, to provide them.
IMF talks collapsed last year because Lebanon’s banks, central bank and politicians could not agree with the previous government on the scale of the heavy losses and how to share them.
The IMF program is widely seen as the only way for Lebanon to release much-needed aid into the country.
This comes at a time when the Lebanese again took to the streets, last Wednesday, to protest against the rise in fuel prices, which reached an unprecedented level.
The Lebanese had woken up to a significant rise in fuel prices within a week, so that gasoline prices would rise 30%, and with it the era of fuel subsidies in Lebanon would end.
The price of the dollar in Lebanese banks
The Lebanese banks set the price of 3850 pounds to the dollar, when withdrawing the dollar to small depositors, and this has been going on for a while, and it has been in effect until today.
The price of the dollar today in Lebanon at the money changers
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 one dollar, and it is allocated to some basic commodities only.
Since the country descended into a major financial crisis in 2019, the hard currency in Lebanon has evaporated, and those with US dollar accounts were only able to make withdrawals in Lebanese pounds, according to an exchange rate of 3900 pounds to the dollar.