The dollar price fell today in Lebanon, on Thursday, February 10, 2022, in the parallel market, affected by the decision to exchange the dollar according to the price of the platform “banking”.
The governor of the Bank of Lebanon, Riad Salameh, surprised the Lebanese by allowing banks to make cash withdrawals in dollars in a certain currency according to the exchange rate on a banking platform.
A banking platform is a platform of the central bank that conducts regular banking at a daily price of the US dollar, usually close to the black market exchange rate.
The decision led to a rise in trading volume on the platform from 3 3 to.5 million per day to over. 35 million as an average figure per day.
Dollar rate today in Lebanon
The price of the dollar in Lebanon on Thursday at the informal parallel market (black) between 21100 and 21200 Lebanese pounds per dollar, compared to the average of 21.300 thousand pounds in trading on Wednesday.
Who controls the exchange market in Lebanon
There are 3 parties that own lira to buy dollars and control the money market; they are the Bank of Lebanon, commercial banks and traders.
It should be noted that traders who raise their prices in lira whenever it collapses, buy dollars not only to save their import capital, but to protect their profits, in case they are eroded by inflation.
To clarify, raising the exchange rate at banks from 3900 to 8 thousand, aims to get rid of the amount of debt dollars on banks,”with 3900 lira, was getting rid of each dollar deposits about 20% of its price in the market, and at 8 thousand get rid of about 30% of its price”.
Shocking figures for Lebanese migration
A Lebanese study revealed that the number of Lebanese immigration and travel increased by 346% in 2021 after the deterioration of economic conditions.
According to “international information”, an independent scientific studies, research and statistics company, “the worsening economic – financial crisis is pushing thousands of Lebanese to migrate and travel in search of a job opportunity or to improve the conditions of life that have become impossible, in light of the lack of public services such as electricity, water and transport, high prices and the erosion of purchasing power.
“The number of migrants and travelers in 2021 reached 79,134 people compared to 17,721 people in 2020, an increase of 61,413 people, or 346%. Thus, 2021 has recorded the largest number of migrants and travelers in the past five years. During the years 2017-2021, the number of migrants and travelers reached 215,653 people.
She added that”the number of migrants and travelers in 2017 reached more than 18 thousand, while in 2018 reached 33 thousand, and in 2019 reached more than 66 thousand, according to official data issued by the general security in Lebanon”.
Lebanon is suffering from one of the world’s worst national economic recessions, exacerbated by debt accumulated in the aftermath of the 1975-1990 civil war.
Lebanon began its slide into financial collapse in 2019 as a result of mismanagement of massive spending, causing high debt, political paralysis as rival factions jostled, and foreign lenders refrained from rescuing the country unless fiscal and economic reforms were made.