Crowds Gather Outside Money Changers to Buy Dollars
Lebanese stood in long queues again on Thursday outside the money exchange shops in some Lebanese regions to buy scarce dollars.
In the eastern Bekaa region and in the southern city of Sidon, people stood early in the morning and waited for exchange stores to open their doors to get dollars pumped by the central bank before the quantity ran out.
The Syndicate of Money Exchange Houses set the exchange rates for the dollar selling at a minimum of LL3,900 while the buying rate was set at a maximum of LL3,850.
The Lebanese pound remains officially pegged to the US currency at a rate of 1,507 per dollar but its value has tumbled on the black market. It lost almost 70 percent of its value compared with the official rate.
The central bank has reportedly started pumping (limited amount) dollars into the Lebanese market on Monday to strengthen the Lebanese pound.
Because of an unprecedented economic and financial crisis, Lebanese banks have gradually restricted dollar withdrawals since late last year, forcing those in need to buy them at a higher rate on the black market.
Source: Naharnet
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