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Al Ain News
Tuesday 10/13/2020 10:32 am Abu Dhabi time
The average price of the dollar fell against the Lebanese pound on the parallel (black) market during the early hours of Tuesday, amid the growing crisis of tight supply of the green currency.
The average price of the US dollar was 7,800 pounds to buy and 7,900 pounds for sale, compared to 8,300 pounds to buy and 8,400 pounds for sale on Monday.
Lebanon is going through a serious economic crisis, which affected different walks of life, as poverty increased, inflation rates increased and unemployment registered the highest rates in the history of the country.
Hassan Diab, head of the Lebanese interim government, described the situation in the country, saying: “We are beginning to lose the last features of stability and security in Lebanon … There are those who are pushing the idea of eliminating subsidies for medicines and food, and social pressures are difficult for people as a result of the depletion of the country’s resources.
The Lebanese government plans to eliminate subsidies on many basic products, but the General Union of Workers of Lebanon called for a warning measure under the name of “Day of Anger and Rejection” on October 14, to mark the start of the measures. later to reject the difficult economic and social situation in which the Lebanese live and to denounce the expected decisions. Raise subsidies for consumables.
In light of the depletion of dollar resources, the Central Bank provided foreign cash for imports of fuel, wheat and medicines at an official rate set at 1,507.5 Lebanese pounds per dollar, which is much lower than the current price.
A list of around 300 other food and staples is subsidized at 3,900.
Parliamentary consultations are scheduled to begin on October 15 to choose a new prime minister in an effort to pressure divided Lebanese political elites to move in the direction of forming the country’s next government.
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 set the dollar exchange rate at 1507.5 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.
Parliamentary consultations are scheduled to begin on October 15 to choose a new prime minister in an effort to pressure divided Lebanese political elites to move in the direction of forming the country’s next government.
