Dollar Exchange Rate Spirals Again
The price of U.S. dollar to the Lebanese pound recorded a new increase on Thursday at the parallel market reaching LBP 2,680 for buying and LBP 2,600 for selling.
According to owners of money exchange houses, the price of the dollar is closely affected by an unstable economic situation in the country, and “uncertainty” on whether Lebanon will pay or default on $1.2 billion Eurobonds maturing on March 9.
On Wednesday, anti-government protesters blocked roads across Lebanon to denounce the financial and economic deterioration and the rise in the dollar exchange rate.
Money changers were on Wednesday selling the dollar for more than LBP 2,550 and buying it for around 2,540.
Money changers in protests-hit Lebanon did not abide by a decision they agreed on in January to cap the dollar exchange rate at 2,000 pounds as part of efforts to curb the local currency's devaluation on the parallel market.
The Lebanese pound is officially pegged to the greenback at a rate of 1,500 to the dollar but the country's sharp economic downturn has sent the currency into a tailspin in foreign exchange offices.
05 March 2020, 14:00
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Why are these money exchange people and organisations shut down and arrested for treason against the state?
Money changing should only be legal in a bank and per the real exchange rate.
05 March 2020, 15:53
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Where is the authority and credibility of State institutions to stop this fraudulent behaviour on the part of money changers ?
05 March 2020, 16:52
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I have been calling for regulating these money exchange crooks for a while now. They are nothing but speculators and drive up the exchange rate. The government rather than go after the banks same as the "thowar" should be going after these crooks.
No ones knows how much they make and do not pay taxes on these money.
Finally central Bank, stop printing money, declare the LL pound is dead and go through the process of adopting the USD or EURO as the day to day currency.
