Money Changers Set Exchange Rate

W460

The Syndicate of Money Changers in Lebanon on Thursday and agreed to buy the US dollar for a minimum of 3,950 Lebanese pounds and sell at a top rate of 3,970 pounds.

The money dealers returned to work on Wednesday after a one month strike agreeing to buy dollars at a minimum of 3,950 and sell them at a maximum of 4,000 pounds.

Banks have gradually stopped all dollar withdrawals in recent months, and the local currency has lost more than half its value on the black market in recent months, from the official rate of 1,507 to more than 4,000 pounds to the dollar.

In May, a Lebanese prosecutor charged a bank manager and money changers with manipulating the exchange rate and money laundering in an ongoing currency crisis probe.

Lebanon is in the midst of its worst economic crunch in decades, compounded by a coronavirus lockdown.

Lebanon has detained dozens of foreign exchange office employees in recent weeks over the fast depreciating pound, including the head of the money changers' union Mahmoud Mrad in May.

The investigation has also seen the first charges against a senior central bank employee in the case.

Comments 2
Missing rabiosa 04 June 2020, 16:52

The crooks are back in town. Wow so money money exchangers set monetary policy for s dysfunctional banana republic.

Thumb whyaskwhy 05 June 2020, 04:07

Its business as usual for the 40 odd families and the Gods they use....