Al Ain News
Thursday 20/8/2020 11:52 AM Abu Dhabi time
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The price of the dollar against the Lebanese pound stabilized today, Thursday, in the unofficial parallel market (black), and the green currency rate remained constant at the Central Bank, banks and exchange companies.
The stability of the dollar comes amid reassuring measures from the Lebanese Central Bank, which has allowed money transfer companies to disburse remittances in dollars to the Lebanese.
Despite this, Lebanese media said that some exchange companies stopped transferring money abroad with the subsidized dollar and closed their shops, and said that the “subsidized dollar” may soon disappear.
Some electronic transfer institutions refused to exchange remittances in dollars on the pretext that they were not available.
Lebanon is experiencing its worst crisis since the 1975-1990 civil war, and its problems have worsened since its debt default in March after years of the central bank pursued a policy of financial engineering to help finance the government.
The Lebanese pound has lost about 80% of its value since October, which plunged the country into its worst economic crisis in decades.
Black market
Traders in the parallel (black) exchange markets said that the dollar is currently trading in the range between 6,900 to 7,000 pounds, which is the same as yesterday.
central bank
The Central Bank of Lebanon fixed the exchange rate of the dollar at 1,507.5 pounds. On the other hand, this price applies only to imports of fuel, medicine and wheat.
Tellers
The exchange rate of the dollar at exchange companies settled at 3,850 pounds for purchase, and selling at 3,900 pounds.
In order to sell the dollar at this price in exchange companies, there are 4 conditions: the salaries of foreign servants, the installments of university students outside Lebanon, the home installments, and the housing rent for the student outside Lebanon, provided that documents indicating eligibility are presented.
The dollar is also spent at this level for food and medical supplies companies, according to conditions.
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