Crowds Gather Outside Money Changers to Buy Dollars

W460

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.

SourceNaharnet
Comments 1
Missing rabiosa 18 June 2020, 17:06

They make my point everyday to scrap once and for all the LL. It's own citizens do not even want it no one around the world wants it, so scrap it to the bin of history and adopt the USD as the local currency for day to day transaction and be done with it.

Someone explain to me what's the fascination with the LL. As Nadim Koteich mentioned yesterday even his baker who sells manaiche in his building only accepts $$$