Lebanon: A major collapse in the exchange rate of the lira and a rise in fuel prices

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Posted on: Thursday, February 2, 2023 – 9:05 am | Last updated: Thursday, February 2, 2023 – 9:05 AM

The Lebanese pound witnessed a major collapse, on Wednesday, whether on the official platform or in the unofficial market, coinciding with the first working days of the decision to reduce the official exchange rate in banks by about 90% of the rate in force for 25 years. This resulted in a significant increase in all fuel prices, reaching unprecedented levels.

And the Central Bank of Lebanon announced that the volume of trading on the official platform for this day amounted to 25 million US dollars, at a rate of 42,000 Lebanese pounds for one dollar, according to the exchange rates of operations carried out by banks and exchange institutions on the platform, with an increase of 4 thousand pounds at once from the exchange rate yesterday. Which amounted to 38,000 Lebanese pounds per dollar, which is the approved price since last December 27, when it was decided at that time to reduce the price of the pound on the official platform from 31,200 pounds per dollar.

In the unofficial market, the exchange rate reached 63,500 Lebanese pounds per dollar, which is the lowest level for the Lebanese pound ever, after the average exchange rate at the beginning of today’s dealings ranged between 57,500 pounds per dollar and 59,000 pounds.

The new collapse in the unofficial market exchange rate led to a significant increase in the prices of all types of fuel in the country in a pricing table issued this evening to depend on fuel pricing on the parallel market exchange rate, as the price of 95-octane gasoline increased by 78,000 pounds to reach 1,160,000. Lebanese pounds, and the price of 98-octane gasoline increased by 79,000 pounds, to record 1,186,000 Lebanese pounds. The price of a diesel plate increased by 79 thousand pounds, to record 1,197,000 pounds, and the price of a gas bottle for domestic use reached 734 thousand Lebanese pounds, an increase of 49 thousand pounds.

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And the Banque du Liban had started from today to unify the official exchange rate approved in all banks to become 15,000 Lebanese pounds per dollar instead of 1,507 pounds, which is the rate in effect for nearly 25 years, and therefore the exchange rate for withdrawals from dollar accounts, the customs dollar price, and the prices of all official transactions with institutions The Lebanese state according to the new exchange rate.

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