The price of the dollar today in Lebanon, Monday, January 23, 2023.. The lira is resisting

The price of the dollar today in Lebanon, Monday, January 23, 2023.. The lira is resisting
The price of the dollar today in Lebanon, Monday, January 23, 2023.. The lira is resisting
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Updated Monday 1/23/2023 12:06 PM Abu Dhabi time

The price of the dollar has stabilized today in Lebanon, against the pound in the parallel (black) market, at the start of trading on Monday, January 23, 2023, despite the economic crisis that the country is suffering from.

During last week’s transactions, the Lebanese pound recorded an unprecedented record low against the American currency, as the price of the dollar reached more than 51 thousand pounds.

The decline of the lira exacerbates the annual rise in the inflation index as a result of all its components recording tangible and steady increases, as food prices increased by 171%, and transport prices increased by 182%.

On December 27, 2022, the Central Bank of Lebanon decided to reduce the value of the lira to 38,000 pounds per dollar on its exchange platform, in an attempt to mitigate the currency’s decline to record levels in the parallel market.

In April, Lebanon reached a preliminary agreement with the International Monetary Fund for a $3 billion loan, the implementation of which hinges on a series of divisive reforms.

The exchange rate of the dollar today in Lebanon

The official exchange rate for the dollar reached 1,507.5 pounds to the dollar, according to Central Bank of Lebanon data, but this rate is almost no longer applied, except in a very limited range of government-sponsored funds for certain necessary purposes.

The price of the dollar today in Lebanon, the black market

Today, Monday, the price of the dollar on the black market in Lebanon recorded a price that ranged between 51,200 and 51,300 pounds for every one dollar, according to the “LiraRate” website.

exchange dollars

The Central Bank of Lebanon announced a sharp devaluation of the lira in a statement, saying: “The Bank of Lebanon buys all Lebanese pounds and sells dollars at an exchange rate of 38 thousand pounds per dollar, and individuals and institutions, without limits in numbers, can apply from all Lebanese banks to pass these operations … and that until Further notice”.

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Last Thursday, the volume of trading on the “Sayrafa” platform amounted to 50 million dollars, at a rate of 38,000 Lebanese pounds for one dollar, according to the exchange rates of the operations carried out by banks and exchange institutions on the platform.

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An investigation with the Governor of the Banque du Liban

Meanwhile, European investigators will hear from the Governor of the Banque du Liban, Riad Salameh, next February in Beirut, as part of investigations into the movement of funds abroad that he and his brother carried out, according to a judicial official on Friday.

In Beirut, last week, investigators from France, Germany and Luxembourg heard the former minister and chairman of the Board of Directors of the Al-Mawarid Bank, Marwan Khair El-Din, the former deputy governor of the Banque du Liban, Ahmed Geishi, and the former Minister of the Interior, Raya Al-Hassan, in the context of this investigation.

Salameh is undergoing a series of judicial investigations in Lebanon and abroad, linked to suspicions of money laundering and “illicit enrichment”, at a time when Lebanon is witnessing an economic collapse. However, he denies these accusations.

$300 million raises doubts

And in 2021, Lebanon opened an investigation into the assets of Riad Salameh, after requesting assistance from the Attorney General in Switzerland in the context of investigations that include a movement of funds of more than $ 300 million carried out by the Governor of the Banque du Liban and his brother, Raja Salameh.

The Swiss claim is based on a contract between the Banque du Liban and the “Foreign Associates” company that enables it to sell treasury bonds and Eurobonds by receiving a subscription commission.

Raja Salameh was arrested last year in Lebanon on charges of “money laundering” and “unlawful enrichment”, but he was released after two months on bail.

Despite the complaints, summons, investigations, and travel ban issued against him in Lebanon, Salameh remains in the position he has held since 1993, making him one of the longest-serving central bank governors in the world. His term is supposed to end in May 2023.

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