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Lira exchange rate hits breaking low record of LL38,100 per dollar on the parallel market

Lira exchange rate hits breaking low record of LL38,100 per dollar on the parallel market

A Lebanese money-changer counts a stack of bills while at work. (Credit: Joseph Eid/AFP)

BEIRUT — The Lebanese lira hit a breaking low record with the dollar trading over LL38,000 on the parallel market on Thursday.

Here's what we know:

    • According to the lirarate.org platform, the dollar was worth LL38,200 to buy and LL38,100 to sell, at around 11:00 a.m., Thursday. The gap between the parallel market rate and Banque du Liban's Sayrafa platform (LL28,800, as of Wednesday night) continues to widen, now amounting to a difference of about LBP 9,300. The Sayrafa platform was developed to try to stabilize the exchange rate.

    • On Monday, BDL lifted the last remaining fuel subsidies after gradually reducing subsidies over the past month. This means importers now have to get more dollars on the parallel market to pay for fuel, which increases the demand for dollars and causes the local lira to further depreciate. 

    • Earlier this year, Lebanon reached a preliminary agreement with the International Monetary Fund (IMF) which called for the introduction of a floating exchange rate. The agreement included additional reforms that the Lebanese government must undertake in order to unlock a massive financial assistance package, one of which, the 2022 draft budget, will be discussed today in Parliament. 



BEIRUT — The Lebanese lira hit a breaking low record with the dollar trading over LL38,000 on the parallel market on Thursday.Here's what we know:    • According to the lirarate.org platform, the dollar was worth LL38,200 to buy and LL38,100 to sell, at around 11:00 a.m., Thursday. The gap between the parallel market rate and Banque du Liban's Sayrafa platform (LL28,800, as of...