Lebanon Is Witnessing A Sharp Decline In US Dollars’ Prices

The price of US dollars across Lebanon reached an all-time high last week when the exchange rate sharply increased to 2500 LBP to the dollar.

This week, this rate witnessed a small decline to around 2300 LBP to the dollar.

As of Friday, January 17th, and according to LBCI reports on the “optimism surrounding Lebanon’s government formation,” the reported price of the US dollar in the exchange market has decreased once more to a reported 2130 LBP to the dollar.

The continuation in the decrease of this exchange rate does not come out of anywhere, however.

A delegation of exchange shop owners reportedly met this week with the Governor of the Lebanese Central Bank, Riad Salameh, whereby they discussed a need to decrease and then regulate the price of US dollars in the exchange market.

This rate will reportedly be subject to further decreases as we approach the formation of Lebanon’s new Cabinet if everything goes as planned.

The final line-up was indeed released to then get complicated again on Thursday hence postponed for next week.

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