On January 6th, 2023, the exchange rate of the Lebanese Lira to the US Dollar remains relatively unchanged at mid-market rate of 1,506.4602. This rate has been gradually improving over the past few weeks, which is a positive shift for the Lebanese economy.
The appreciation of the Lira demonstrates the potential for economic growth in the country despite the weakened local currency and rising cost of imported goods. This appreciation could be largely attributed to increased foreign investments from abroad including from Europe, the Arab states and countries in the Middle East. The Lebanese Central Bank has also revised borrowing rates to make capital investment more accessible to its citizens, which has further strengthened the exchange rate.
The strong performance of the Lira against the Dollar has also been met with a decrease in the domestic production of goods and services due to lack of demand. It has been observed that the decline in production is mainly driven by depressed consumption levels attributed to economic insecurity and necessary economic austerity measures, resulting in lower purchasing power of the Lebanese population.
Overall, the Lebanese economy is improving, however the government should still focus on promoting greater investment opportunities to better sustain the current exchange rate. This could foster a more reliable rate that will stimulate economic growth in the future.
In conclusion, the exchange rate, although defying predictions of major instability that threatened to weaken the lira against the dollar, remains mostly unchanged from the previous day. With the potential for economic recovery, the focus should turn to promoting further investments and increasing the purchasing power of its citizens.
As of Friday, black market traders in Lebanon are selling the US Dollar for 43,500 LBP and buying it for 43,600 LBP.
The current official rate still stands at $1 = 1,500 L.L. and the bank rate at $1 = 8,000 L.L.
Lebanon is currently experiencing hyperinflation as a result of an ongoing economic crisis since the end of 2019. The Lebanese lira has been drastically falling against the previously fixed US dollar rate of $1 = 1,500 L.L.
This has caused banks to create an unofficial capital control – basically freezing accounts and only releasing a limited amount of dollars using the $1 = 8,000 L.L. This is called the “bank rate.”
The Lebanese lira has lost more than 90 percent of its value.
Judicial entities have banned sites reporting the black market and parallel rate believing they were responsible for the inflation. There was no change in the exchange rate following the ban. The961 was blocked for 9 hours following the execution of this ban for our coverage – despite there being no specific order to ban us.
Find the latest news and updates surround the Lebanese lira on our dedicated section by clicking here .
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