The administrations of private universities in Lebanon are considering raising their adopted exchange rate of the Lebanese pound against the U.S. dollar.
Lebanon’s private universities have had their tuition fees listed in U.S. dollars for over a year, but they’ve been using the official exchange rate of 1,507 throughout, even now as the rate on the black market is fluctuating around 8,000 pounds for the dollar.
However, this might not stand for much longer.
University sources told Asas Media that the administrations of private universities are preparing to take coordinated and synchronized decisions to update their exchange rate.
The coordinated decision will take effect in the upcoming Spring semester, during the first half of 2021, the source said, adding that the American University of Beirut (AUB) and the Lebanese American University (LAU) are among the ones studying the decision.
It is expected that other private higher education institutions will follow suit with similar decisions.
Although the new exchange rate hasn’t been determined yet, Asas Media sources confirmed that it will be in line with the central bank’s platform’s rate, which is currently 3,900 LBP/USD.
In this case, tuition costs in these universities would increase by more than twofold.
Perhaps hinting at this anticipated development, the Universities Association of Lebanon indicated in a recent statement that the administrations of private universities might take “necessary decisions” to “maintain their continuity.”
