The price of the dollar in Lebanon today Friday, October 23, 2020 … the pound bleeds again

The price of the dollar rose again against the Lebanese pound at the start of trading on Friday, after it fell back to 6,700 pounds after Saad Hariri was assigned to form the government in Lebanon, and it appears that the fall of the Green currency was temporary as the lira continued to drain losses.

The price of the dollar against the Lebanese pound during early trading on Friday morning, 7,150 pounds to buy and 7,075 pounds to sell, according to informal (black) parallel market traders, amid news of a further rise in prices during the next period.

Exchange rates

The Union of Money Changers in Lebanon maintained the exchange rate of the dollar against the Lebanese pound with a variable range between buying at 3,850 pounds and selling at 3,900 pounds maximum.

The price of the dollar in banks.

The Central Bank of Lebanon set the dollar exchange rate at 1,507.5 pounds. This price applies only to imports of fuel, medicine and wheat.

Banks set the price at 3,850 pounds per dollar, when withdrawing dollars from small depositors.

Lebanese economy

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.

Lebanon’s total public debt, as of the end of the first quarter of this year, reached $ 90 billion, constituting 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 means a 58% decrease in 4 months.