On Tuesday morning, the university’s students reported receiving an email announcing that its administration had adopted an exchange rate of 3,900 Lebanese pounds for the dollar, which matches the rate adopted by the central bank’s electronic exchange platform.
Lebanon’s private universities have had their tuition fees listed in U.S. dollars for over a year, but they’ve been using the official exchange rate of 1,507 throughout.
AUB’s decision to adopt a higher exchange rate is expected to be the first of several to follow from the administrations of other private universities in the country.
With the new rate, tuition fees at AUB will see a significant increase of more than 150%.
This comes amid an unprecedented economic meltdown that has forced many students to switch to more affordable schools – or drop out entirely – as poverty and unemployment rates skyrocket.