The parity of the Lebanese pound remains above the 9,000 LL/USD on the black market compared to yesterday when a significant deterioration in its value occurred.
On Friday, the exchange rate for purchase is 9,325 LL/USD and 9,375 LL/USD for sale, amid persistent political disagreements and alarming information about the continuation of the subsidy program for the purchase of basic necessities following the upcoming depletion of the Bank of Lebanon’s available monetary reserves.
Some already believe that the deterioration in parity this week was induced by the increase in fuel prices thus increasing the pressure on the local currency while the funds available to support the Lebanese pound are now unavailable. These same sources also note that this deterioration should continue as available foreign currency funds are expected to contract.
