Lebanon’s Money Changers Claim They Ran Out Of Dollars

AFP

There is a shortage of US dollars in Lebanon, this is nothing new. The Lebanese lira has lost over 50% of its value due to that. Companies have closed down. Prices of imported goods have skyrocketed. Poverty is at large. This is one of the worst financial crises Lebanon has ever faced.

According to The Daily Star that contacted several money changers in various Lebanese towns, Lebanon has no more dollars to sell. This is what money changers across the country are saying.

Since their reopening last week, money dealers in Lebanon had set the selling price of USD to 4,000 pounds. On Tuesday, June 9th, the Syndicate of Money Changers set it to a maximum of 3,940 pounds.

The buying rate, which was set to a minimum of 3,950 pounds last week, is now at a minimum of 3,890 pounds, according to NNA. One can’t forget, however, that the exchange rate on the black market is over 4,000 pounds. In fact, it just reached 4,600 pounds and sparked protests in the streets.

The exchange rate is expected to increase to 5,000 pounds. To counter this, the Syndicate of Money Changers set the new exchange rate promising that it will reduce the rate to 3,200 pounds in two weeks.

It is slightly decreasing and being stable. However, now with a lack of dollars, we’ll have to wait and see how their promise will play out – knowing that the Caesar Act will take effect on June 17; its ramifications are still not widely understood by Lebanese people.