The price of the dollar in Lebanon today Wednesday, October 21, 2020

The average exchange rate of the dollar against the Lebanese pound, during the first operations today, Wednesday, was between 7,400 – 7,500 Lebanese pounds per dollar, in the parallel market (black), at a time when the exchange rate was stabilized in banks and exchange offices.
Lebanon’s economy is contracting by 25 percent, according to the International Monetary Fund.

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, the lira collapsed, and there was no longer enough liquidity to purify the effects of the destruction of people and property in the Beirut port explosion on August 4.

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

Exchange rates

The Union of Money Changers in Lebanon maintained the exchange rate of the dollar against the Lebanese pound with a variable range between buying at 3850 pounds and selling at 3900 at the most.

The price of the dollar in banks.

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

Lebanon and the IMF

The International Monetary Fund had 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.