Today, Tuesday, the Lebanese pound fell in parallel (black) market transactions, to an unprecedented record level of 100,000 pounds per one US dollar, with the continuation of the monetary, financial, economic and political crises in the country.
The dollar is sold in the parallel market today within the range of 99-100.5 thousand pounds, compared to 15 thousand pounds per dollar at the Central Bank of Lebanon, according to the platforms for selling currency in the parallel market.
The dollar was sold yesterday, Monday, on the black market, at a price of 95,000 pounds, but the continued need for scarce foreign exchange and citizens’ panic from a greater decline increased the demand for the American currency.
Starting today, banks in Lebanon went on strike to protest against the continued issuance of court rulings requiring the recovery of deposits for some citizens.
Since 2019, Lebanese banks have imposed restrictions on the funds of depositors in foreign currency, and have also set harsh ceilings on withdrawing funds in pounds.
Banks reopened after caretaker Prime Minister Najib Mikati intervened at the end of February.
Since 2019, the Lebanese have been suffering an unprecedented severe economic crisis, which led to a record collapse in the value of the lira, as well as a scarcity of fuel and medicine and a collapse in purchasing power.
In early March, supermarkets began pricing goods in dollars, by a decision by the authorities, in view of the rapid decline in the value of the local currency. It was preceded by the most famous restaurants and stores in a country that imports 90% of its goods.
Food commodity prices have increased dramatically since 2019. According to the World Bank, the inflation rate reached 332% from January 2021 to July 2022, which is the highest in the world.