In the trade of Saturday, October 1, 2022, the value of the dollar fell marginally against the Lebanese pound amid hopes that it would gain strength once more.
According to the “lebanon24” platform, which specialises in currency rates, the price of the dollar in Lebanon today is 38,450 thousand pounds for purchase and 38,500 thousand pounds for sale, down from 38,500 thousand pounds for purchase and 38,600 thousand pounds.
With initial exceptions to include bank capital (assets) and the payment of housing and personal loans, which will continue at the old official rate, the caretaker prime minister of Lebanon, Najib Mikati, stated that Lebanon will gradually implement a new official exchange rate of 15,000 pounds to the dollar.
According to Mikati, the discrepancy between the 38,000 market price and other prices “should settle sooner or later. There needs to be balance.
The so-called official exchange rate and the market exchange rate cannot continue to have such a wide spread. Gradually implementing this issue is the plan.
In the greatest crisis since the civil war that raged between 1975 and 1990, the Lebanese financial system collapsed three years ago, sending vast segments of the population into poverty. Since then, the lira has lost more than 95% of its official value.
The crisis in Lebanon, which started in 2019, was brought on by years of wasted expenditure in a nation where corruption, waste, and unsustainable economic practises were common. It is interesting that, in May 2022, Lebanon’s inflation rates rose by 211% as compared to May of the previous year (2021).
When compared to the base year, the consumer price index climbed from 378.25 in May 2021 to 1177.99 in May of this year, while the food and non-alcoholic beverage group jumped by 363.
The health group had an increase of 468%, and the transportation group saw an increase of 515%.
2013. .
Today, Saturday, the dollar decreased in value relative to the lira.
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