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The price of the dollar in Lebanon fell during the start of trading on Friday, in the parallel (black) market, in light of optimism about international subsidies.
Lebanon’s negotiations with international donors made progress again after a period of freezing since the Beirut port disaster, especially after the Lebanese Parliament approved the lifting of the banking secrecy of the Central Bank of Lebanon.
Lebanon intends to contact Alvarez & Marsal again to resume the audit that started earlier at the Central Bank.
The bank secrecy law led to the cessation of the work of the “Álvarez y Marcel Company” in agreement between it and the Lebanese state regarding the criminal financial audit mission at the Banque du Liban last month, because it did not receive from the Central Bank the complete documents required under the pretext of the bank secrecy law.
The price of the dollar against the Lebanese pound during the early hours of Friday in the unofficial parallel market (black) in Lebanon, was approximately 8,300 pounds for the purchase and 8,250 pounds for the sale, compared to 8,342 pounds for the purchase and 8,440 pounds for sale.
Banks
Lebanese banks set the price at £ 3,850 per dollar, withdrawing the dollar from small depositors some time ago, and it is still in effect today.
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.
The authorities restricted dollar withdrawals to around $ 500 per month, with a few exceptions, and imposed an exchange rate of around 3,900 Lebanese pounds, which effectively reduced the value of these deposits, because the unofficial exchange rate in the street now reaches 8,400 pounds.
Since 2019, Lebanon has witnessed an economic collapse and a crisis that is open to all possibilities, with the value of the lira collapsing to an unprecedented level.
$ 93 billion
Lebanon needs about $ 93 billion to save its economy, according to the report by the American Institute for the Defense of Democracy, while the Lebanese pound continues to collapse against the US dollar, reaching 7,600 pounds to the dollar.
The inflation rate in Lebanon has reached 500% a year and more than 125% a month, according to a report published by the Lebanese newspaper An-Nahar.
Total public debt in Lebanon, up to the end of the first quarter of this year, reached $ 90 billion, which constitutes 170% of GDP, and this coincided with unemployment, high cost of living and low level of infrastructure.
Last March, Lebanese Finance Minister Ghazi Wazni said his country’s foreign exchange reserves amounted to about $ 20 billion, amid fears of a liquidity shortage as the announcement of the breach of the debt.
The Central Bank of Lebanon announced in late February that the value of its foreign currency reserves amounted to $ 35.8 billion, amid expectations that it would reach $ 15 billion by the end of the second quarter of this year, which which means a decrease of 58% in 4 months.
