The Lebanese pound’s exchange rate on the black market continued on Tuesday sliding and reached 88,000 L.L. for every US dollar despite the banks decision to suspend its strike.
Fears of the banks strike resumption, the absence of Sayrafa platform services, and the Central Bank’s abstention from interfering in the market as well continuation of collecting the fresh dollar from the black market have contributed to the dramatic increase in the exchange rate.
The Association of Banks in Lebanon decided last week to reopen the branches on Monday, February 27, upon the request of the caretaker prime minister Najib Mikati who was of accused of interfering in the judiciary decisions for the sake of the banks.
The Lebanese banks warned that they would resume the strike if their demands, pertaining the judicial procedures, were not met. The Association of Banks had decided the strike in protest of the judicial move against some banks taken by Mount Lebanon Prosecutor Judge Ghada Aoun.
Accordingly, the oil prices increased remarkably as shown below:
95 octanes: LBP 1,599,000
98 octanes: LBP 1,638,000
Diesel: LBP 1,521,000
Gas: LBP 1,072,000
Meanwhile, Lebanon’s supermarkets are prepared to price their items in dollars starting Wednesday. The Caretaker Economy Minister Amine Salam originally opposed the move but changed his mind at the beginning of 2023 due to the need for a stable pricing system.
On the other hand, the ministry of finance addressed the caretaker prime minister Najib Mikati to raise the Customs exchange rate against US dollar from 15,000 to 45,000 L.L. PM Mikati approved the decision.
Source: Al-Manar English Website
