The Syndicate of Money Changers in Lebanon on Friday welcomed measures announced by the Presidency and the central bank to rein in the dramatic fluctuations in the dollar exchange rate on the black market.
In a statement, the Syndicate said the move to return the currency exchange operations to “legitimate money changers” and to act against “the ghosts of the black market” will contribute to “stabilizing the dollar exchange rate after the confusion that affected all commercial sectors and aggrieved citizens.”
The Syndicate added that the central banks’ electronic platform will become “the official source for the real dollar exchange rate and will replace the suspicious applications and their oriented exchange rates that controlled the markets and the lives of citizens.”
The Lebanese pound has lost around 90 percent of its value against the dollar on the black market in 18 months of crisis.
While the currency remains officially pegged to the greenback at 1,507 Lebanese pounds, the exchange rate has shot up to around 15,000 on the black market before going down to around 11,000 in recent days.