The price of the dollar rose today in Lebanon during trading on the morning of Wednesday, August 24, 2022, in the unofficial (black) parallel market.
The price of the dollar today in Lebanon
The price of the dollar rose today in Lebanon on the unofficial (black) parallel market, ranging between 34,000 and 34,050 pounds to the dollar. According to the “lebanon24” platform, to monitor the movements of the dollar price in the parallel Lebanese market around the clock.
In the wake of the economic crisis that the World Bank has ranked among the worst in the world since 1850, the local currency has lost more than ninety percent of its value once morest the dollar, and more than 80 percent of the Lebanese are below the poverty line.
The ability of the Central Bank to support the import of vital commodities, including wheat, fuel and medicine, has diminished.
The annual inflation rate for the year 2021 reached 154.8 percent, according to the Central Administration of Statistics of the Lebanese government.
The ability of government institutions to provide services has diminished due to the low funding and the decline in the attendance of employees who are receiving meager salaries.
The Lebanese Red Cross announced twice since the end of last month that its toll-free emergency number had been disrupted due to the interruption of the Ogero company’s central, the official provider of land communications and internet services in Lebanon.
The average monthly salary for a public servant has fallen from around $1,000 to barely $50, as this downward trend continues, as the Lebanese pound loses more of its value by the day.
Lebanon recorded a consumer price inflation rate of 50% during the first seven months of this year, according to the Central Statistics Department of the Council of Ministers.
According to a report issued on Monday by the Statistics Department, the month of July recorded an increase in prices of 168.45%, on an annual basis, compared to the same month last year. On a monthly basis, the inflation rate in Lebanon in July reached 7.42% compared to June.
