In light of the decision of the Central Bank to cancel all the fuel subsidies, the exchange rate against the US dollar has risen dramatically.
Due to the new decision, the fuel importers in Lebanon will be forced to obtain the fresh dollar from the black market, which will consequently witness a sharp increase in the exchange rate.
Late Wednesday, the US dollar recorded an unprecedented high in the black market, approaching 37,500 L.L.
The rise of the fuel and dollar prices will automatically raise the production cost in Lebanon, which will lead to the increase in the prices of all the goods and commodities.
Lebanon has been suffering from a severe economic crisis since 2019. The banking system has failed to return the depositors’ funds, and the government could not manage to cope with the repercussions of the crisis.
Source: Al-Manar English Website
