BEIRUT — The Lebanese lira continued its fluctuation on the parallel market Thursday morning, trading at around LL39,000 against the dollar.
According to the Lirarate.org platform, the dollar was worth LL39,000 to buy and LL38,900 to sell, as of 10:29 am. The gap between this rate and the LL29,800-per-dollar rate on the Sayrafa platform — designed by Banque du Liban to try to stabilize the exchange rate — is now amounting to LL9,200.
Banque du Liban will use an official exchange rate of LL15,000 to the dollar instead of the current rate of LL1,507 starting November 1, the Ministry of Finance said in a statement Wednesday.
Earlier this year, Lebanon reached a preliminary agreement with the International Monetary Fund (IMF) that called for the introduction of a floating exchange rate. The agreement also included additional reforms that the Lebanese government will have to undertake in order to unlock massive financial assistance from the IMF.