The price of the dollar against the Lebanese pound increased significantly, during the unofficial (black) market transactions today, Saturday, October 2, 2021.
The price of the dollar in Lebanon
The price of the dollar in this market ranged between 17300-17600 Lebanese pounds per US dollar, compared to 17200-17300 Lebanese pounds per US dollar on Friday.
Lebanon is wracked by an economic collapse described by the World Bank as one of the most difficult recessions in modern history. Three-quarters of its population has plunged into poverty and its currency has lost 90% of its value in the past two years.
The financial system collapsed in 2019 due to decades of state corruption and waste and the unsustainable way in which it was being financed. The trigger was a slowdown in hard currency inflows into the banking system, which overlented the government.
The Association of Banks in Lebanon rejected what it called the systematic targeting of it, following popular movements refusing to fix the price of the banking dollar at 3900 pounds.
The association said in a statement: “The Association of Banks in Lebanon rejects the systematic targeting of banks for more than two years, the emerging threat to employees, and the encroachment on public and private property by those who claim to protect deposits.”
The generalization of unifying the official dollar price in Lebanese banks ended last Thursday, in the hope of raising the price or floating the lira.
Lebanese depositors were awaiting the end of September, when the circular issued by the Banque du Liban, which set the value of the dollar in banks at 3900 pounds, would expire.
After the current crisis, the Banque du Liban issued a circular bearing the number 151, in which it determined the value of the dollar deposited in Lebanese banks at 3900 Lebanese pounds per dollar, and work on it ends at the end of September 2021.
Lebanon’s banks are suffering from a severe liquidity crisis, and in late 2019 they stopped paying their customers’ deposits in foreign currency permanently, and are currently based on the Central Bank of Lebanon’s circular to pay deposits according to 3900 pounds to the dollar, with withdrawal ceilings not exceeding 3000 dollars per month.
In the Lebanese currency, customer deposits in the banking sector fell until the end of last September, to 44.8 trillion pounds (30 billion US dollars), a decline of more than 19.6% on an annual basis.
While in US dollars, customer deposits in the banking sector declined to 121.2 billion US dollars until the end of September, a decline of 9.16%.
The country is witnessing a severe economic and financial crisis, with which the purchasing power of citizens has declined, in addition to the decline in the ability of the Banque du Liban to meet the government’s decision to support medicines and basic materials listed on the support regulations, which led to a decrease in the stock of fuel, medicines and infant formula in pharmacies, the loss of some medicines and a decline in the stock of medical supplies in Hospitals, losing subsidized food.
The price of the dollar in Lebanese banks
The Lebanese banks set the price of 3850 pounds to the dollar, when withdrawing the dollar to small depositors, and this has been going on for a while, and it has been in effect until today.
The price of the dollar today in Lebanon at the money changers
On the other hand, the Syndicate of Money Changers in Lebanon confirmed the pricing of the dollar exchange rate against the Lebanese pound, with a moving margin between the price of 3850 pounds for purchase, and 3900 pounds for sale, as a maximum.
Central Bank of Lebanon
The exchange rate of the dollar in the Central Bank of Lebanon remained at 1507.5 pounds per dollar, and it is allocated to some basic commodities only.
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