Lebanese Money Dealers Just Set The Selling Price of USD At 4,000 LBP

AP

Having reopened on Wednesday, June 3rd, money dealers in Lebanon have set the maximum selling price of the dollar to 4,000 LBP, according to Bloomberg Middle East.

Based on the decision of the Syndicate of Money Changers in Lebanon, money dealers will buy dollars for a minimum of 3,950 LBP and sell for 4,000 LBP at most.

On behalf of the syndicate, Mahmoud Halawi Saraf told The Daily Star that by buying and selling dollars close to the current parallel market rates they hope the dollar will drop to 3,200 LBP in the next two weeks.

This comes after a whole month of being on strike due to intense government crackdowns.

Money dealers were arrested for not abiding by the rules put in place by the Central Bank. They were accused of manipulating the exchange rate and causing the devaluation of the lira.

Currently, the Central Bank and the Syndicates of Money Changers are working on an app to coordinate the daily exchange rates of foreign currencies, according to The Daily Star. When it is released, money changers must abide by the number on the app.