LBP Drops Again on Black Market, Salameh Says BDL Still Pumping USD

The Lebanese pound declined again, as it reached 23,000 against the dollar on Wednesday.

The LBP had been relatively stable since a central bank circular in January allowed banks to buy dollar banknotes from the BDL.

The central bank intervention had led to a major recovery of the Lebanese lira value as it strengthened to around 20,000 after it had reached a low of 34,000.

Central Bank Governor Riad Salameh assured Wednesday that the BDL will continue to secure USD cash in return for LBP banknotes based on the rate of the Sayrafa platform.

He negated rumors that said the Sayrafa platform was not running.

Meanwhile, petrol prices have been surging worldwide, even before the United States and Britain announced a ban on Russian oil imports, which will likely lead to price hikes of almost all commodities in Lebanon, already in the throes of soaring poverty and hyperinflation.