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The exchange rate of the dollar against the Lebanese pound decreased significantly today, Thursday, March 25, 2021, during unofficial parallel market transactions.
The price of the dollar on the black market today ranged between 12,998 and 13,150 pounds per dollar, compared with 13,200 and 13,300 pounds in Wednesday’s trading, according to local media.
Lebanon suffers from economic and political crises, as the meeting between Lebanese President Michel Aoun and Prime Minister-designate Saad Hariri, who is the 18th since Hariri was appointed, failed to reach an agreement to form a government.
After the meeting, the prime minister said, on Monday, that President Aoun insisted that his political allies have a disturbed majority in government, and yesterday he sent me an alignment that includes a disturbed third of his team, and asked me to help. them, but I did not accept it because it is against the constitution.
Despite the weight of the economic collapse, Lebanese leaders could not agree on the formation of a government, as the president’s team allied with Hezbollah (the Free Patriotic Movement led by Gebran Bassil, Aoun’s son-in-law) insists on obtaining a majority that guarantees him the right to veto the decisions of the government, called the third-party obstructor, while insisting on Hariri and other parties, with certain portfolios of his political team in motion.
On Tuesday, former Lebanese heads of government attacked President Michel Aoun, claiming that he “violates the constitution”, declaring his adherence to the “Taif Agreement”.
Najib Mikati, Tammam Salam and Fouad Siniora, as well as Prime Minister-designate Saad Hariri, expressed in a joint statement, after a meeting held at Hariri’s house, their “regret and surprise at the actions and positions of the country’s president.” describing it as “contrary to the constitution”.
Lebanon consumption
The dollar exchange rate at the Central Bank of Lebanon remained at 1507.5 pounds for every dollar and is allocated only to commodities.
Banks
Lebanese banks set the price at £ 3,850 per dollar, when withdrawing the dollar from small depositors some time ago, and it is still in effect today.
Currency exchange
The Trade Union of Money Changers in Lebanon demonstrated to fix the price of the dollar exchange rate against the Lebanese pound with a variable margin between the price of 3,850 pounds of purchase and 3,900 pounds of sale, maximum.
A source told Reuters that Lebanon’s foreign exchange reserves stand at about $ 16 billion now, compared with a central bank estimate of $ 19.5 billion last August.
The Lebanese crisis deepened last August when an explosion in the Beirut port destroyed much of the city, killing 200 people and forcing the Diab government to resign.
The economic crisis represents the greatest threat to Lebanon’s stability since the 1975-1990 civil war, destroying jobs, transforming people, their bank deposits, and increasing the risk of hunger.
Parliamentary committees met to discuss an emergency loan to the National Electric Power Company, after the Energy Minister warned of power outages across the country in late March if cash is not pumped.
But the commissions did not return more than $ 200 million of the nearly $ 1 billion requested by the company.
