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A new record collapse for the Lebanese pound … the dollar exceeds 86 thousand | Gulf newspaper


February 28, 2023

13:16 pm


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For the second day in a row, the Lebanese pound continued its decline against the dollar, as it set a new record in the parallel market, exceeding 86 thousand per dollar.
The exchange rate of the dollar in the parallel market in Lebanon ranged, on Tuesday, between 86,000 and 86,200 pounds per dollar, after it recorded yesterday, Monday, between 84,000 and 84,800 pounds.
Since the beginning of February, Lebanon has adopted a new official dollar exchange rate of 15,000 pounds, after it previously amounted to 1,507 pounds.
The unification of multiple exchange rates is among the many demands made by the International Monetary Fund, for Lebanon to obtain a $3 billion rescue package that would help it get out of the crisis. However, the implementation of these conditions, according to the International Monetary Fund, is proceeding slowly, with most of them not being implemented despite the seriousness of the economic and financial crisis that Lebanon has been going through since the beginning of 2019.
On Thursday, the Lebanese authorities accused Salama, his brother Raja, and his assistant of money laundering, embezzlement and illegal enrichment, after months of delay in the case. The charges came after an 18-month investigation by Lebanon, in cooperation with some European countries, into whether Salameh and his brother Raja had illegally obtained more than $300 million from the Central Bank in the period from 2002 to 2015.