The cash transactions in the unofficial markets witnessed a significant development in the afternoon hours yesterday, characterized by the return of the Lebanese pound exchange rate to decline against the US dollar, with wide margins exceeding 3,000 pounds in just two hours. Offers for selling the dollar surpassed 32,000 pounds at currency exchanges. There was clear confusion among traders, including those visiting banks to request cash dollars in exchange for liquidity they hold in pounds, due to the widening gap of about 6,000 pounds at once, equivalent to approximately 20 percent, between the dollar offers from the Banque du Liban and those circulating on mobile applications, which largely reflect the price levels among currency traders since the beginning of this week.
Contrary to the calming environment that characterized exchange prices since the end of last week following the announcement by the central bank of its intent to intervene strongly without specific limits to meet the full demand for the green currency from holders of cash liquidity in pounds, it was noted that the sudden tension in parallel markets coincided with the continued acceptance of exchanges through banking outlets, which have continued to accept requests to sell dollars from holders of pounds at the central bank's platform rate of 24,500 pounds.
In an effort by "Asharq Al-Awsat" to verify the reasons behind this sudden development, several bank managers confirmed that matters are proceeding as usual within the bank halls. They continue to adhere to extending working hours in the branches until 6 PM, in order to enable as many customers as possible to execute operations of exchanging pounds for cash dollars at the rate approved on the "Sayrafa" platform, according to the provisions of the circular issued by Central Bank Governor Riad Salameh.
