A resounding fall of an Arab currency… a comprehensive economic chaos, and the dollar exceeds 100,000! Powered by Investing.com

Investing.com – Lebanon’s economy continues to deteriorate as the national currency plummets to its lowest values ​​on both the black market and the official market.

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The crisis does not subside… 107 thousand/h2

The Lebanese exchange crisis is escalating at a very rapid pace, as the Lebanese Central Bank decided last February to set the official exchange rate at 15,000 Lebanese pounds per dollar after setting it at 1507.5 pounds per dollar for a long time, but the currency continued to decline against the dollar as a result of the weakness of the Lebanese banking system. Scarcity of the dollar. The Central Bank now sells the dollar for 79,000 Lebanese pounds, at a time when the customs tariff for imported goods is calculated at a dollar price of 45,000 Lebanese pounds, according to the Minister of Finance.

The dollar in the parallel market in Lebanon reached levels of 107 thousand Lebanese pounds, and with this state of turmoil, shops and gas stations began to price their products at a variable price and set the price of the dollar in them using signs that change daily.

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The IMF..to the rescue?/h2

Lebanon is one of the largest debtors of the International Monetary Fund, and the Monetary Fund demanded from the Lebanese regime the need to adopt a unified exchange rate as a preliminary condition in order to agree to grant Lebanon $3 billion in a rescue package.

The International Monetary Fund was not satisfied with the Lebanese reform measures, describing them as slow and seeing that politicians protect their interests and do not help solve the economic issue in Lebanon.

Meanwhile, the country was moving towards a cash-dollar economy with spiraling inflation and restrictions imposed by banks on transactions.

Many citizens and yellow merchants in Lebanon complain of pricing chaos and that they can no longer price their goods correctly, because they lose everything they earn as a result of the currency fluctuation and the rapid deterioration of the lira.

Economist Samir Nasr said that the disparate percentages across sectors make personal accounting “messy” for the Lebanese and that its standardization is more urgent than ever.

“What is required is a complete set of reforms and steps that will allow the economic situation to stabilize in general and thus allow for the unification of the exchange rate,” he said.