By Mahmoud Hemdan — forbes –– Lebanon’s central bank will start Thursday selling the US dollar at 70,000 Lebanese pounds through its banking platform Sayrafa to meet the demand from companies and individuals, Banque du Liban Governor Riad Salameh said. Applications are to be submitted through banks and registered through Sayrafa, and paid within three working days, according to the central bank, which pointed to a ceiling for individuals of one billion Lebanese pounds per month for each account in each bank. Corporate ceilings are set at 10 billion Lebanese pounds in each bank, while this measure won’t apply to fuel importers. According to the circular, banks will stop buying dollars for their customers at a ceiling of $300 per month. The Lebanese pound has deteriorated to a new record level against the US dollar in the black market to reach 92,000 Lebanese pounds, from 89,000 pounds Tuesday, compared to 42,000 pounds at the beginning of 2023.
Food pricing
The new deterioration in the exchange rate of the Lebanese pound coincides with shops and supermarkets starting to price food and products in US dollars, which can be paid in Lebanese pounds according to the daily exchange rate. The Council of Ministers took this decision to reduce market manipulation and different pricing of goods against the dollar. Minister of Economy and Trade in the caretaker gove