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The exchange rate of the dollar against the Lebanese pound was reduced on Saturday on the Lebanese black market by about 30 pounds.
The dollar’s fall comes amid French moves to support the Lebanese economy.
Black market
The average price of the dollar in Al Sawda ranged between 8,250 and 8,300 pounds, compared to 8,280 and 8,350 pounds per dollar, yesterday.
central bank
The Central Bank of Lebanon has also set the dollar exchange rate at 1507.5 pounds. This price applies only to imports of fuel, medicine and wheat.
Banks
Banks set the price at 3,850 pounds per dollar, when withdrawing dollars from small depositors.
Currency exchange
The Union of Money Changers in Lebanon confirmed the exchange rate of the dollar against the Lebanese pound with a variable margin between the price of 3,850 pounds of purchase and 3,900 pounds of sale, maximum.
French support
The fall of the dollar came when French President Emmanuel Macron announced that he would organize a conference together with the United Nations next Wednesday to help Lebanon financially.
The conference comes four months after an explosion destroyed the port of Beirut and much of the capital.
In a similar way to the previous conference that was organized on August 9, to this conference, to be held on December 2, some 30 personalities were invited, including heads of state and government, ministers, international institutions and non-governmental organizations.
Macron and UN Secretary General Antonio Guterres will chair the conference.
Macron decided to organize this support conference despite the fact that the Lebanese authorities have not yet responded to his initiative to form a new government whose mission is to undertake structural reforms.
On August 9, five days after the port explosion, the French presidency organized a videoconference, collecting emergency aid worth 250 million euros.
After the port explosion, Macron visited Beirut twice, and on September 1 he announced that he had extracted from Lebanese political forces a commitment to form a government within 15 days that called for structural reforms and is a prerequisite for liberalization. of important international aid to the country.
However, Lebanese political forces did not deliver on their promises, prompting Prime Minister-designate Mustafa Adeeb to abandon the task of forming the government.
On October 22, former Prime Minister Saad Hariri was appointed to form the government, but his efforts so far have not borne fruit due to significant internal divisions.
And a new deadline set by the French president on September 27 of “four to six weeks” expired, without achieving any progress in this regard.
Forensic audit
Last week, the forensic auditing company “Álvarez y Marsal” terminated its contract with the Lebanese side to audit the Central Bank’s accounts, after it was unable to obtain the required documents.
For more than a year, Lebanon has been affected by a suffocating economic, social and political crisis.
In addition to the sharp decline in the value of the national currency and hyperinflation, Lebanon has been without a government for more than three months.
