The price of the dollar in Lebanon today, Sunday, October 11,...

The price of the dollar in Lebanon today, Sunday, October 11,...
The price of the dollar in Lebanon today, Sunday, October 11,...
The average exchange rate of the dollar against the Lebanese pound decreased, Sunday morning, in the parallel (black) market, significantly compared to the closing of trading on Saturday.

And local media reported that the average price of the dollar on the black market ranged between 8680-8630 Lebanese pounds per US dollar.

On Saturday, the dollar scored between 8750 and 8,850 pounds per dollar.

Lebanon, grappling with a heavy debt burden, is facing its most severe economic crises since the 1975-1990 civil war. With the rise in prices, many Lebanese have fallen into poverty and become more dependent on subsidized food, medicine and fuel.

An official source told Reuters that Lebanon has about $ 1.8 billion in its foreign exchange reserves that can be made available to support basic food and other imports, but it may preserve their survival for about another six months by canceling subsidies for some commodities.

In light of the depletion of dollar resources, the Central Bank provided foreign cash for imports of fuel, wheat and medicine at an official price pegged at 1,507.5 Lebanese pounds to the dollar, which is much less than the current price.

A list of around 300 other food and basic commodities is subsidized at 3,900.

Parliamentary consultations are set to begin on October 15 to choose a new prime minister, in an effort to push the divided Lebanese political elites to move in the direction of forming the country’s next government.

Salim Sfeir, head of the Lebanese Banking Association, said that the country’s next government needs ministers with practical experience in finance and other areas to restore confidence in the collapsing economy, after the latest attempts to form a new government last week failed.

Exchange rates

The Money Exchange Syndicate announced pricing the exchange rate of the US dollar against the Lebanese pound with a moving margin between buying at 3850 pounds and selling at 3900 as a maximum.

The price of the dollar in banks

The Central Bank of Lebanon fixed the exchange rate of the dollar at 1,507.5 pounds. This price applies only to imports of fuel, medicine and wheat.

Banks set the price of 3,850 pounds to the dollar, when withdrawing dollars to small depositors.

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