The Lebanese pound hit an all-time low on the Banque du Liban’s Sayrafa electronic exchange platform, with $ 12 million traded at a rate of 21,300 LL / USD.
This sharp rise in volume – it usually hovers around an average of $ 5.8 million daily – was driven by accredited banks and foreign exchange institutions and comes as the Lebanese pound is also at its all-time low in the world. black market. The parity of the pound on the black market thus crossed the threshold of 27,000 LL / USD at the end of the afternoon.
Observers indicate that this further deterioration was expected due to the decision of the Banque du Liban to raise the parity rate allowing the withdrawal of currencies from Lebanese banks from 3,900 LL / USD to 8,000 LL / USD. Some sources indicate that the governor of the Banque du Liban, Riad Salamé, who had initially rejected this proposal, would have finally accepted at the request of the president of the chamber of deputies Nabih Berri.
In addition, some sources also indicate that a manipulation of the price of the Lebanese pound against the dollar would have been due to buyers of bank checks who would thus like to cause these 8,000 LL / USD to be equivalent to only 15%. at 20% of the black market price, i.e. with a court target of 40,000 LL / USD, an exchange rate that would also be compatible with the increase in the minimum wage from 600,000 LL per month to 2 million Lebanese pounds per month without productivity gains as proposed by the government.
This sudden deterioration induces an additional loss of the purchasing power of the population, a deterioration which could thus continue with a sharp rise in prices.
Thus, the minimum wage equivalent to 600,000 LL, that is to say 400 USD 2 years ago, is now approaching 20 USD per month and the median salary which represented 1000 USD per month 2 years ago, is no longer equivalent today. Only $ 55 per month pushing many families to live below the poverty line.
82% of families would thus find themselves in a state of poverty and more than 50% in a state of extreme poverty today.
