The Lebanese pound fell against the dollar in morning trading Thursday inside the black market, after stability in the exchange rate on Wednesday.
The dollar exchanged against the Lebanese pound in early trading On Thursday, it was about 9,395 pounds to buy, while the sale price of the Lebanese currency was 9,425 pounds, according to local media.
Lebanese banks are struggling with a financial crisis to strengthen their defenses by increasing capital by 20% by the end of this month.
According to four banking sources familiar with the situation, less than half of the 12 major banks are expected to meet the central bank’s target requirement in August to strengthen the sector.
The Lebanese pound has fallen by 82% since late 2019, while Moody’s Credit Ratings estimated that losses on international bond portfolios exceeded 65%.
The exchange rate of the dollar 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Lebanese banks have set the price of 3,850 lire to the dollar, when the dollar has been withdrawn for small depositors some time ago and is still in effect today.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.
Lebanon, which is experiencing a major financial crisis caused by a mountain of debt, already lacks electricity generation capacity, so some homes and businesses face power outages lasting several hours a day, forcing many to use private generators.
Dr. AbdulRahman Al-Bazari, chairman of the National Committee for Corona Vaccines in Lebanon, announced his intention to resign for violating distribution criteria.
This came after it was revealed that dozens of deputies had obtained the vaccine in violation of the criteria.