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The average price of the dollar continued to rise against the Lebanese pound, on Tuesday morning, on the parallel “black” market, amid a shortage of supply and increased demand.
The average price of the dollar against the pound on the black market ranged between 6,700 and 6,775 pounds per dollar, compared to 6,600 and 6,750 pounds yesterday, according to local media.
Lebanon needs financial liquidity quickly after it failed to pay off huge sovereign debt obligations after the crisis paralyzed banks.
Lebanon is facing an economic slowdown due to political chaos, the Covid-19 pandemic and the huge explosion that destroyed the port of Beirut, killing some 200 people and leaving billions of dollars in damage.
The dollar exchange rate on the Lebanese black market tends to witness rapid changes, depending on the region.
And the United Nations estimated in May that the number of Lebanon’s population living in poverty, or on less than $ 14 a day, had doubled last year to 55 percent. Within this group, the number of people considered extremely poor has tripled, constituting around a quarter of the population.
Currency exchange
The Lebanese Money Exchangers’ Union confirmed the exchange rate of the dollar against the Lebanese pound, with a sliding margin between buying at a price of 3,850 pounds to buy and 3,900 for sale at the most.
The dollar is in the 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.
