The Lebanese pound’s exchange rate against the US dollar witnessed on Tuesday a dramatic fluctuation as the BDL (Banque Du Liban) governor issued a decision purchase Lira banknotes at Sayrafa platform rate of 90,000 L.L.
The decision also mentions that the banks which lifts its strike can participate in the operation, knowing that the Association of banks has not announced stopping its ongoing strike.
According to the black market applications, the US dollar exchange rate neared 120,000 L.L. after rising to 140,000 L.L.
The economist Elie Yashoaee told Al-Manar TV that the main cause of the crisis in Lebanon is the unavailability of the dollar banknotes, underlining the importance of restructuring the local banks.
Consequently, the oil prices decreased remarkably as shown below:
95 octanes: LBP 2,080,000
98 octanes: LBP 2,130,000
Diesel: LBP 1,954,000
Meanwhile, the commodities prices have also dramatically surged as supermarkets and stores follow an unsystematic pricing sample.
For his part, caretaker Minister of Economy Amin Salam said that 50% of the prices in the market is not controlled.
In an interview with local TV channel on Monday, Salam said the market is uncontrolled due to absence of the monetary authority which led to a state of confusion and collapse of the national currency.
It is worth noting that protesters have blocked several roads and highways in Beirut and other cities.
Source: Al-Manar English Website