The Lebanese pound recorded the biggest collapse in the history of the country. Once the value of one dollar was 1,500 Lebanese pounds, today it has become 59,000 pounds, according to black market exchange rate monitoring apps.
According to filings tracking the dollar on the (parallel) black market, the black market dollar recorded 59,000 Lebanese pounds on sale and 58,700 pounds on purchase.
Due to the increase in the exchange rate, the General Directorate of Petroleum of the Ministry of Energy and Water Resources has released a new table of fuel prices.
And the prices for liquid fuel became: a can of 95 gasoline: 1,039,000 pounds, a can of 98 gasoline: 1,064,000 pounds, a can of diesel fuel: 1,089,000 pounds, a can of gas: 664,000 pounds.
Notably, in September 2022, the Banque du Liban completely stopped providing a dollar for fuel imports, and the price of a canister of gasoline (equivalent to 20 liters) is now fully settled at the black market dollar rate. , while the previous pricing method was based on the price of the dollar on the exchange platform (this is the price of the dollar set by the Central Bank for companies buying the dollar through it).
Also, subsidies for a large number of medicines for incurable diseases and infant formula have been canceled, and pharmaceutical companies refuse to supply medicines and milk to pharmacies until the price is determined by the Ministry of Health.
It is noteworthy that the economic crisis in Lebanon began at the end of 2019, when the black market exchange rate rose from 1,500 pounds (the official rate) to 2,000 pounds. Since then, the lira has continued to fall and more than 80 percent of Lebanese have fallen below the poverty line, unemployment has risen to around 30 percent and inflation has risen by 100 percent.
The Lebanese media have circulated the information that the Central Bank will raise the official exchange rate from 1,500 pounds to 15,000 pounds per dollar, starting next February.
Source: RT
