BDL raises Sayrafa exchange rate to 38,000 LBP

 

It was only minutes after the issuance of this statement that the dollar rate began to roll quickly, reaching 44,000 Liras; after it had almost approached 48,000 Liras to the dollar.

After the rush of citizens to sell their dollars, money changers deliberately closed the doors of their shops without any reason.

Economists consider that the reasons for the increase that the governor spoke about are correct, as the price reached by the black market dollar is unrealistic. It is due to the increasing demand from Lebanese and even Syrian merchants who buy dollars from money exchangers in the Bekaa. Moreover, import expenses have risen again and reached around 17.8 billion dollars by the end of November, which is a high number. Part of the imports also goes to the Syrian interior, some of which are oil derivatives and other materials. Economists also recognize that the Central Bank and banks buy from the parallel market.

The increasing demand for dollars in light of the scarcity in the market inevitably affects the exchange rate upwards. 

Experts add that all of the central bank's measures are temporary and will not lead to radical solutions as long as additional dollars do not enter the market.