The price of the dollar in Lebanon today, Monday, September 14, 2020

The price of the dollar fell against the Lebanese pound on Monday in the informal parallel market, while the price of the green currency stabilized in the central bank, banks and exchange houses.

Lebanon seeks to attract financial aid from countries and financial institutions to emerge from the suffocating financial crisis.

Lebanon began talks with the IMF last May, but they broke down last July amid disagreements between the government, political parties and banks over the size of the losses in the banking sector, the main contributor to financing the bank. huge public debt.

Last July, the Lebanese government agreed to appoint the consulting firm Alvarez & Marsal to carry out the forensic audit, which generally includes a thorough examination of the financial records of the institutions and can detect any embezzlement.

On Thursday, the International Monetary Fund said that its discussions with the Lebanese authorities focused on the need to conduct an accounting and financial audit of the Lebanese Central Bank’s budget to assess its assets and liabilities.

Fund spokesman Jerry Rice told reporters that this audit will help assess the government’s financing by the central bank and its policy of “financial engineering,” two important elements in understanding past losses.

A reform map drawn up by France calls for the formation of a new Lebanese government to implement an IMF-backed capital movement law, initiate a central bank audit and launch reforms in the electricity sector.

Riad Salameh, governor of the Banque du Liban for 27 years, had defended the bank’s role, saying it had preserved stability while successive governments increased debt. He rejected what he described as rumors that he would resign.

And recently, Riad Salameh was accused of intentionally inflating the central bank’s assets by more than $ 6 billion in 2018, after completing the annual audit of the bank’s accounts.

He said the central bank’s foreign exchange reserves amount to $ 19.5 billion and mandatory reserves to $ 17.5 billion, and that Lebanon “is not in the process of floating the currency.”

Black market

On the black market, the price of the dollar fell to a record 7,500 pounds to buy and 7,600 pounds to sell, down from 7,550 pounds to buy and 7,620 pounds for sale yesterday, market traders say.

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.

Currency exchange

The Money Changers Union announced the exchange rate of the dollar against the Lebanese pound today, Monday, exclusively, with a moving margin between buying at a low of 3850 and selling at a high of 3900.

To sell the dollar at this price in exchange companies, there are many conditions, including salaries for foreign workers, fees for university students outside of Lebanon, housing fees and rent for students abroad. of Lebanon, provided documents indicating eligibility are presented.

The dollar is also spent at this level on food and medical supply companies, depending on conditions.

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