The price of the dollar on the black market
The average price of the dollar on the black market in Lebanon was recorded to 8720 pounds for purchase, and 8,850 pounds for one dollar, and the price usually varies according to regions and demand, while the price has stabilized in banks and exchange.
Banks in Lebanon have been facing a crisis since last year after political turmoil, as remittances from expatriates fell and foreign exchange liquidity diminished, which resulted in the government suffering in financing a mountain of debt.
The Lebanese pound collapsed as banks imposed harsh restrictions on withdrawals from bank accounts denominated in dollars, blocked transfers, and slashed card spending limits abroad to levels that in some cases reached $ 15 a month.
Scheme to cancel support
With leaks about the government’s move in Lebanon to cancel the subsidies, the land transport sector unions and the General Labor Union in Lebanon refused to lift subsidies on basic commodities and fuel, in a decision being considered by the government and the Bank of Lebanon.
The unions warned that this step, which would increase prices sharply, would be the spark to ignite the country, and they announced a popular move, which will be scheduled for later.
And unofficial information indicates that the Central Bank will not be able to support fuel, wheat and medicine for more than the next three months.
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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