The price of the dollar fell today against the Lebanese pound, Sunday, March 6, 2022, in the unofficial (black) parallel market transactions.
The price of the dollar today in Lebanon
The price of the dollar in Lebanon ranged today, Sunday, on the unofficial (black) parallel market, between 20700 and 20725 Lebanese pounds per dollar, compared to about 20,775 pounds yesterday.
The fuel market in Lebanon witnessed a significant increase in prices, against the backdrop of large global increases in the price of oil, affected by the global rise in oil barrels as a result of the Russian-Ukrainian war.
The price of a can of “95 octane” gasoline increased by 28,000 pounds, and “98 octane” was 28,000 pounds.
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% 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 thousand tons of wheat, i.e. a need for 3 months.
Last week, 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.”
buy dollars
The Central Bank of Lebanon extended the decision to allow banks to buy dollars without a ceiling through its exchange platform until the end of this March.
The central bank raised the ceiling last month in a move that Banque du Liban Governor Riad Salameh said was aimed at curbing volatility in the exchange market.