The price of the dollar rose against the Lebanese pound today, Saturday, February 26, 2022, in the unofficial (black) parallel market transactions.
The price of the dollar today in Lebanon
The price of the dollar in Lebanon today, Saturday, in the unofficial (black) parallel market, reached 20.600 pounds per dollar, compared to 20,550 yesterday.
The price of the dollar on the exchange platform was 20,200 pounds per dollar.
The Russian military operation in Ukraine heralds a food crisis in Lebanon, which relies on Ukraine to import wheat amid the absence of a strategic stockpile.
Lebanon imports more than 70 percent of its wheat needs from Ukraine only, while it imports the rest from Russia and other countries. Lebanon also imports iron, sunflower oil, grains and others.
In 2020, Lebanon imported more than 630,000 tons of wheat from Ukraine, or 80% of its consumer needs, up from 535,000 tons of wheat imported in 2019.
Lebanon is facing a strategic stockpile crisis, as since the explosion of August 4, 2020, the port has lost wheat silos, and therefore it is no longer possible to store wheat in it, which used to accommodate about 120,000 tons of wheat, i.e. a need for 3 months.
On Friday, Economy Minister Amin Salam said that work is underway to secure another source of wheat, such as the United States, Canada, India and some European countries, and “we received reassurance from the World Food Organization with assistance.”
He pointed out that if “wheat prices rise globally, it is possible that the Central Bank of Lebanon will tell us that it is unable to continue with the support.”
He explained that “60 percent of the wheat we consume in Lebanon comes from Ukraine, and the rest comes from Romania and Russia.”