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Last Updated: October 22, 2020 11:12 am
The pound is suffering its worst crisis in light of the deteriorating political situation
On the impact of the binding parliamentary consultations that began this morning, Thursday, in the Baabda Palace, the dollar exchange rate on the black market today, Thursday morning, reached between 7,350 pounds and 7,400 pounds per dollar.
While the Money Exchange Syndicate announced the price of the exchange rate of the US dollar against the Lebanese pound on Thursday 10/22/2020 exclusively with a moving margin between:
Buy at a minimum price of 3,850.
I sell at a price of 3900 maximum.
The price of the dollar had risen to the threshold of 7,700 pounds in limited and tense transactions before President Aoun’s speech yesterday, following the information that preceded the speech about an escalated position.
Then the situation was completely reversed and the negotiated price rolled in less than two hours to a level of approximately 7,200 liras, then oscillating between 7,300 and 7,400 liras, after presidential circles confirmed that there was no intention to obstruct the transactions again. signs.
According to statistics, the value of the lira decreased against the dollar by 79%, while the value of the dollar against the pound more than doubled by 395%. As for price inflation, it was very high. During last August, prices registered a total increase of 120% compared to August 2019.
The cumulative price increase during the first eight months of the current year reached 58%, which means that if a person earns a salary of one million pounds, its value is equal to 420 thousand pounds. In other words, the minimum wage was lowered to 283,500 pounds!
As for the statistics of the National Social Security Fund, it indicates the magnitude of the disaster that affected wage earners in Lebanon. Of the 415,000 wage earners declared to social security, 16.5% earn the minimum wage, 37.5% earn less than 900,000 LBP (it has become the equivalent of 378,000 LBP) and 11.8% earn less than 1.1 million LBP (it has become the equivalent of 638 thousand lire). In all, 86% of workers who claim to be insured earn less than 3 million pounds.
While economic observers confirmed that the recent circular from the Governor of the Bank of Lebanon on the establishment of the ceiling for withdrawals in lira, will reduce consumption, at a time when the country is already experiencing strong inflation in the exchange rate of the currency. dollar against the lira.
As a result, this means that the country will fall into a crisis of shortage of various products and materials and will threaten to lose them in the coming days, especially if it does not insist on addressing the situation seriously and wisely.
