Lebanese Pound Still Dropping As Authorities Crackdown On Currency Manipulators

After reaching a record-breaking rate against the dollar, touching almost 11,000 LBP, the Lebanese president held a security and financial meeting to find a quick solution.

However, even after the meeting, the Lebanese pound value still dropped. On Tuesday, black market traders are selling the dollar for 10,575 LBP and buying it for 10,525 LBP.

The exchange rate went back to 10,300 LBP between Sunday and Monday after the dollar reached 10,800 LBP. Between Monday and Tuesday, the dollar has gone up and continues to do so.

This drop of the Lebanese pound after a slight rise coincides with Lebanon‘s plan to tackle currency manipulators changing the exchange rate.

In the meeting at Baabda Palace, which was headed by President Michel Aoun and attended by senior officials, several decisions were taken to combat the exchange rate issues.

Aoun has tasked security forces with arresting everyone who violates the provisions of the Currency and Credit Law and the law regulating the money exchange profession, including both licensed and unlicensed money changers who practice speculation.

He has also tasked them to continue closing local illegal electronic platforms and groups that determine the prices of the U.S. dollar against the Lebanese pound.