The Dollar in Lebanon Just Reached 3000 LBP For the First Time in 30 Years

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Lebanon 24

According to the New Arab Newspaper, and Al-Araby, the exchange rate of the US dollar in the Beirut money exchange market exceeded the threshold of 3000 LBP for the first time after the civil war (1975-1990).

The dollar is being exchanged for 3000 LBP one day after the government presented its resue plan, and at a time when banks are still tightening their clients’ cash withdrawals.

The Lebanese merchant/trader Khalil Kobeissi confirmed to The New Arab that he bought the dollar from one of the money exchange markets in the Chtaura region in the price of 2900 Lebanese Pounds before Friday noon.

Koubeissi then bought it from some of his customers at 2800 LBP, before the dollar rose to 3000 LBP at the money exchange markets in the afternoon of the same day (Friday).

However, the highest price reached by the dollar on specialized electronic applications amounted to 2940 LBP as a maximum purchase limit. That is compared to 2910 LBP as a maximum sale price, according to the Lebanese Market application.

On Thursday, April 9th, the Council of Ministers listened to a presentation given by the Governor of the Central Bank of Lebanon, Riad Salameh. Salameh discussed the financial and monetary conditions and the measures the bank has taken in relation to the dollar exchange rate and dealing with small depositors.

During the session, a number of ministers questioned Salameh on some issues related to the work of the Central Bank. They questioned its role, the relationship with banks and money exchange markets, in addition to the information related to the exchange rate of the LBP compared to the US dollar.