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Chaos in Lebanon’s Markets as Lebanese Lira Sinks to New Record Low

27 Jan 2023 13:06

Islam Times - Lebanon markets face uncertainty on Friday as the Lebanese lira (pound) continued its hysteric plunge against the US dollar.

Currency exchange dealers reported that the dollar was trading on the parallel market at 63,900 Lebanese liras to buy and 63,500 Lebanese liras to sell on Friday morning.

Exchange dealer reported a slight rise, saying that the dollar was trading at 61,000 Lebanese liras to buy and 61,500 Lebanese liras to sell.

The decline in Lebanese lira has marked a loss in value of more than 13 per cent in a week, local media reported, citing economists.

Once pegged at around 1,507 to the US currency, the Lebanese lira has now lost 97 per cent of its value since the start of an unprecedented financial crisis caused by a drastic shortage of dollars, which plunged 80 per cent of Lebanon’s population into poverty.

Fuel Prices Soar

The fast change in exchange rate has reflected chaos on the Lebanese markets, especially the fuel prices.

Oil prices have edged up across the country on Friday morning as the price of gasoline (95 octanes) has increased by LBP 60,000 and (98 octanes) has increased by LBP 60,000.

The price of diesel has increased by LBP 56,000 and the price of a gas canister has increased by LBP 35,000, National News Agency reported.

Earlier on Thursday, Fadi Abu Shakra, the representative of the union for fuel distributors, announced that the union will issue two price lists every day, in order to move parallel with the fall of the national currency.

“Two price lists will be issued daily: the first at 9:00 and the second at 16:00,” Abu Shakra told local radio station, attributing the issue to the fast change in Lebanese currency exchange rate against the US dollar.

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