The Daily Star — BEIRUT: The Lebanese pound rose slightly against the dollar on the parallel market Monday, steadying at around LL3,750 to the dollar. Black market exchangers were initially selling the dollar for around LL3,500 Monday morning but the rate steadied at around LL3,750 to the dollar by the afternoon. Those wanting to sell their dollars to traders received around LL3,650 per dollar Monday. The pound in recent weeks has been trading above LL4,000 to the dollar in spite of the Central Bank’s efforts to control the exchange rate. The pegged rate of LL1,507.5 is only used now for a handful of items, like imports of fuel, wheat and industrial materials. Licensed exchange shops have expressed their commitment to BDL’s official parallel market rate of LL3,200 to the dollar, but most have been closed after the Syndicate of Money Changes in Lebanon announced an open strike April 28. They are demanding the release of money changers who were arrested for not sticking to BDL’s official rate.

The head of the syndicate Mahmoud Mrad was also arrested May 8 for allegedly manipulating the parallel market exchange rate. Financial Prosecutor Judge Ali Ibrahim issued the arrest order and investigators from the Internal Security Forces’ Information Branch later found important phone calls from Mrad’s mobile that had been made to illicit exchange dealers. State Prosecutor Ghassan Oueidat ordered the Telecoms Ministry on April 30 to block 28 mobile applications that show the daily black market dollar exchange rate. The lack of transparency behind these apps means they could be used to manipulate exchange rates for speculative purposes. Exchangers have also complained that they are unable to stick to BDL’s rate because customers challenge them on their rates, presenting the rate displayed by these apps.