The price of the dollar in Lebanon today, Monday, October 19, 2020

The average exchange rate of the dollar continued to fall against the Lebanese pound, during the first operations of today, Monday, in the parallel market (black), while the exchange rate stabilized in banks and exchange offices.

And local media reported that the “black market” saw a further drop in the dollar exchange rate, which ranges between 7,770 and 7,830 pounds per dollar, and the price varies by region.

There is still no government in Lebanon tackling the country’s worst crisis since the civil war that took place between 1975 and 1990 at least, as the competing political blocs cannot agree on the division of power.

At the same time, cash reserves dwindled to a dangerous degree, hunger began to spread among middle-class families, the currency collapsed, and there was no longer enough liquidity to clean up the effects of the destruction of people and property in the explosion. from the port of Beirut on August 4.

The United Nations says 55 percent of the population lives below the poverty line, while Beirut-based research firm InfoPro says that a third of private sector workers have lost their jobs.

Exchange rates

The Syndicate of Money Changers in Lebanon announced the price of the exchange rate of the US dollar against the Lebanese pound with a sliding margin between buying at 3850 pounds and selling at 3900 maximum.

The price of the dollar in banks.

The Central Bank of Lebanon has set the dollar exchange rate at 1507.5 pounds, and this price applies only to imports of fuel, medicine and wheat, and the banks have set a price of 3,850 pounds per dollar, when withdrawing the dollar to small depositors.

Lebanon, which has been burdened with debt, faces its most severe economic crisis since the 1975-1990 civil war.

Monetary Fund

The International Monetary Fund has set two conditions to help Lebanon, namely the lifting of subsidies and the price of the dollar at just 600 pounds.

The International Monetary Fund once again pushed the ball onto the Lebanese court and declared that it was willing to work with Lebanon to resolve its economic crisis, on the condition that it find a suitable government as a partner.

IMF Managing Director Kristalina Georgieva said Wednesday that the fund was “fully prepared” to work with Lebanon to resolve its financial problems and restructure its debts, but needed a partner within the government.