The price of the dollar in Lebanon fell today, Saturday, January 15, 2022, during the transactions of the unofficial (black) money market.
Data from the Central Administration of Statistics in Lebanon showed an increase in the inflation rate between December 2020 and November 2021 by 178%.
The administration said: “The official inflation rate in Lebanon is the change for a period of 12 months, which is the change between the current month and the same month in the previous year, noting that it publishes the consumer price index on a monthly basis with the aim of highlighting the impact of the crisis on the prices paid by consumers and should be used for analysis only. “.
The administration stated that the inflation rate from December 2018 to November 2021 amounted to 632%, and from December 2019 to November 2021 it amounted to 584%, and from December 2020 to November 2021 it reached 178%, noting that the inflation rate for 2018 amounted to 4%, for 2019 it was 7%, and for the year 2020 was 145%, and until November 2021, the general inflation rate was 178%.
The price of the dollar in Lebanon today
The exchange rate of the dollar against the Lebanese pound, today, Saturday, on the unofficial (black) parallel market ranged between 27,700 pounds – 27,750 pounds per dollar.
United Nations Secretary-General Antonio Guterres described the current situation in Lebanon as sad and “heartbreaking”, calling on its political leaders to unite to carry out fundamental reforms.
Guterres added, in press statements, that Lebanon needs deep reforms, and that it be a country without corruption.
The Lebanese Minister of Economy and Trade, Amin Salam, talked about the economic crisis in Lebanon, and indicated that negotiations with the International Monetary Fund are at a very advanced stage.
In a television interview, the Lebanese minister said that Lebanon will sign a preliminary agreement with the International Monetary Fund in early 2022 on a recovery and growth plan.
He added that the agreement with the IMF is part of the solution to the economic crisis in Lebanon, and indicated that after signing the agreement, large funds of hard currency will be pumped into the market and banks will be restructured.
Salam stressed that the delay in convening the Lebanese cabinet delays taking the required decisions for Lebanon.
Regarding the reasons for the deterioration of the Lebanese economy, the minister indicated that it is due to the accumulation of failures in the administration and the economic and financial policy that lasted for years. He added that work is underway to change the Lebanese economy from rentier to productive
The price of the dollar in the central bank
The Banque du Liban has officially kept the exchange rate of 1,500 pounds to the dollar, which is destined for the import of some necessary goods, but all goods are sold at the market price.
Central Bank of Lebanon
And last December, the Central Bank of Lebanon announced a new exchange rate for withdrawing from dollar deposits in Lebanese pounds at 8000 pounds to the dollar.
The minimum wage is now less than $23, while the price of fuel and many basic commodities, which are no longer subsidized by the authorities, continue to climb in the local market.
The Lebanese economy has been facing a downturn since 2019, after the accumulation of debts and a political crisis led the country to enter its worst crisis since the civil war that broke out in 1975 and lasted until 1990.