The dollar jumped against the Lebanese pound on Monday (March 15th) on the black market, remaining stable in banks.
The price of the dollar on the black market increased to 12,200 liras for purchase and 12,400 liras for sale, compared to 11,500 for purchase and 11,600 pounds for sale, yesterday.
Yesterday, cashiers closed their shops following the collapse of the Lebanese pound.
Many stores refused to deal with lira for fear of further collapse in their value while dealing in dollars.
Thousands demonstrated in central Beirut to demand a new independent government to pull Lebanon out of its worsening crisis amid growing frustration over the country’s financial collapse.
The economic crisis in Lebanon represents the greatest threat to its stability since the civil war between 1975 and 1990.
A march was launched in Beirut at the invitation of civil society groups and the families of the victims of the Beirut port explosion towards the parliament.
After the march, the protesters tried to break down the iron doors at the entrances to the House of Representatives and a number of them were able to remove part of it, resulting in security forces firing tear gas at them.
The economic situation in Lebanon has entered a dark tunnel that is not yet over as the dollar continues to rise to unprecedented levels.
Lebanon’s financial crisis, which broke out in late 2019, has caused tens of thousands of people to lose their jobs, freeze bank accounts and plung many into poverty and hunger.
The dollar exchange rate at the Central Bank of Lebanon remained at 1507.5 lire per dollar, and is allocated only for commodities.
Lebanese banks have set the price of 3,850 lire to the dollar, when the dollar has been withdrawn for small depositors some time ago and is still in effect today.
The Bankers’ Union of Lebanon fixed the exchange rate of the dollar against the Lebanese pound with a moving margin between the price of 3,850 liras for purchase and 3,900 liras for sale at a maximum.