The Lebanese pound continues to collapse against the dollar, reaching its all-time low with the crossing of the symbolic threshold of 25,000 LL / USD on the black market, without any news of optimism on the monetary front.
As of this writing, the buy parity of the pound against the dollar is 25,125 LL / USD and the sell parity is 25,175 LL / USD.
Observers were expecting such a collapse, noting also that this degradation of the pound against the dollar on the black market is accompanied by that of the electronic exchange platform of the Bank of Lebanon, Sayrafa, which also reached its highest yesterday. historic low at 20,000 LL / USD.
They believe that, for lack of progress on the front of the political crisis and still the paralysis of the government, could harm the relaunch of talks with the International Monetary Fund despite the reassuring remarks of the local authorities, following the denial of the governor of the Banque du Liban concerning an agreement on the quantification of losses in the banking sector.
In addition, they estimate that the pressure exerted on the Lebanese pound comes as the Bank of Lebanon now forces fuel importers to resort to the black market to finance 10% of the oil bill, thus increasing the demand for foreign currencies. Also, the lifting of subsidies or the desire to increase wages without economic competitiveness gains or the fact of granting transport allowances for civil servants contributes to the increase in the money supply without, for the time being, real and lasting solution.
These factors predominantly imply the depreciation of the pound against the dollar, they conclude.
