Lebanon witnesses monetary chaos with multiple dollar exchange rates

Lebanon witnesses monetary chaos with multiple dollar exchange rates

In Lebanon, the world champion in economy and finances, the dollar exchange rate fluctuates during the weekend and at night, and instead of one exchange rate, we have a cocktail.

First, the old official exchange rate of 1,500 LBP, which we miss for its good days, and only those with good luck can repay their old loan at this price.

Second, there is the soaring black market parallel rate, which is close to 50,000 LBP, and it may be higher according to the mood of every merchant or shop owner.

Third, Lebanon has the Sayrafa platform exchange rate of 38,000 at the moment; you can withdraw from the banks on its basis, but the platform operates for a few hours, according to the available liquidity and the mood of the banks.

Fourth, there is a rate for money transfer companies between the Sayrafa and the black marker rate, which is approximately 42,000 LBP.

Fifth, the budget is set at a different rate; governmental fees and taxes are set at 15,000 LBP to the dollar according to the budget.

Moreover, there are the rates set in two different circulars issued by BDL.

Circular No 151. allowing citizens to withdraw dollars at a rate of 8,000 LBP to the