Dollar Exchange Rate May Drop by Around 4,000 Lira... But!

After the dollar exchange rate continued its wild rise, reaching record highs and surpassing the threshold of 37,000 Lira, the Central Bank of Lebanon has intervened clearly in the currency market. It issued a circular allowing all citizens wishing to convert their Lira to dollars to approach banks and conduct the transaction through the "Sayrafa" platform, leading to a significant drop in the dollar to below 30,000 Lira. Economic expert Leal Mansour pointed out that the Central Bank's intervention was expected, as it would not allow the insanity of the exchange rate to persist. However, the goal of its intervention is to halt the rise rather than change the course of the exchange rate. In an interview with the electronic newspaper "Anbaa," Mansour warned that the process is "very costly, and the dollar sources could be from mandatory reserves or remittances coming from abroad. At the same time, it is temporary, and the exchange rate will rise again after a period because it will be artificial." She revealed that the current rate may drop by 3 or 4 thousand in the upcoming week with the implementation of the circular; however, this remains temporary before the rise resumes again.