The dollar continued to rise against the Lebanese pound on Friday in black market trading, and the lira hit a new historical low.
The price of the dollar on the black market jumped to a new record high at 10,800 pounds to buy, and 10,750 pounds for sale, against 10,645 pounds for purchase and 10,688 pounds for sale, at the close of trading on Thursday.
The economic situation in Lebanon has entered a dark tunnel that is not yet over as the dollar continues to rise to unprecedented levels.
The price of the dollar in Lebanon is close to 11,000 lire under the roof of the chaos of the market and the greed of traders.
The biggest problem lies in the state’s inability to put an end to this collapse as a result of the scarcity of the greenback in the market and the decline in reserves at the Central Bank, which continues to provide support for basic consumer items through the previous exchange rate, which was limited to only 1,500 lire.
This opened the door to smuggling, while setting the so-called “platform exchange rate” in banks, i.e., those that allow Lebanese to withdraw their deposits in green currency, at the 3,990 Lebanese pounds.
While analysts and experts link everything that happens to the political situation, the main one, considering that the problem is primarily political and more importantly the formation of the government, which is still racing the parties on its quotas, which will certainly lead to an economic breakthrough at home in addition to opening the door to international assistance.
Last Tuesday, a popular protest campaign was launched after the dollar’s exchange rate reached the 10,000-lebanese threshold, which covered all Lebanese regions.
On Monday evening, Lebanese Energy Minister Raymond Granger announced that his country had enough funds to import electricity fuel until the end of March, adding: “We may reach a complete power outage after the end of this month.”
Discontent among the Lebanese security forces is growing after their salaries were eroded by the collapse of the currency, in return for escalating unrest and widespread crime.
In unusually candid comments, Army Commander General Joseph Aoun said that his warnings that physical and moral pressure on soldiers might lead to an “explosion” did not have listening ears.
A few days ago, in a speech addressed to the Lebanese people, The Head of the Lebanese Caretaker Government, Hassan Diab threatened to protest if he was putting pressure on the formation of a new government, after Lebanon was on the brink of an explosion, calling for the formation of a government as soon as possible.
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.