A parallel market currency dealer holds US dollars and Lebanese lira bills in Beirut on March 14, 2023. (Credit Anwar Amro/AFP)
BEIRUT — The Lira reached another all-time low on the parallel market Tuesday at noon, trading above LL140,000 to the dollar. It regained some value later that same day, trading again at around LL105,000 when evening came around.
According to some online platforms, the dollar was buying at LL108,000 and selling at LL105,000 on the parallel market at around 8:30 p.m.
The increase came after Banque du Liban announced its increase of the Sayrafa rate to LL90,000 against the dollar and opened the exchange operations at this rate, in an attempt to stabilize the exchange rate on the parallel market.
In a statement, BDL Governor Riad Salameh reported “an open and continuous operation of purchase of Lebanese lira and sale of dollars in cash at the Sayrafa rate.”
It was recorded after the Association of Banks in Lebanon announced they will suspend their weeks-long strike, for an indefinite period.
The official rate for the national currency is LL15,000 to the dollar.
As the rate climbed, several money exchange shops refused clients Tuesday morning.
The shifting exchange rate caused a strong variation in fuel prices. But after the sharp rise, the ministry published two other tariffs in the afternoon, resulting in a decrease in fuel prices.
Protests
Groups of protesters took to the streets in various regions of the country as a result of the Lira's fluctuation.
In Beirut, the roads of Corniche al-Mazraa and Cola roundabout were blocked with dumpsters.
Protesters in northern Lebanon's Tripoli took to the streets decrying the declining situation in the country, the sharp depreciation of the lira and skyrocketing inflation.
They blocked al-Suwaiqa al-Jisrayn road in Tripoli with dumpsters and rocks, calling for "the departure of the authorities and finding quick solutions before it is too late."
Meanwhile, in eastern Lebanon's Baalbeck, van owners blocked an international highway to protest the lira free fall and sharp increase in fuel prices, according to the NNA. Other protesters also blocked the Taalabaya-Chtoura road.
In South Lebanon, demonstrators blocked the Saida-Beirut highway near Jiyeh, as well as the Sour-Naqoura road, our correspondent reported.