Since the outbreak of the economic-financial crisis, several exchange rates for the dollar have emerged in Lebanon, and all these rates are still officially recognized. The first is the old rate of 1,500 Lebanese pounds per dollar, which is used by the Lebanese state for official transactions. Other rates include 39,000 pounds for bank cash withdrawals exceeding $3,000, 8,000 pounds for withdrawals according to Circular 151, 12,000 pounds for withdrawals according to Circular 158, 26,000 pounds for the Sayrafa platform, and 33,000 pounds in the parallel market.
In light of the decision to raise the customs dollar rate to 20,000 Lebanese pounds, informed financial sources told "Al-Markazia" that "changing this rate will result in the emergence of more exchange rates, exceeding the official seven currently in use by the state, leading to chaos and disparity in cash and financial transactions."
They assert that "the caretaker government has not sought to unify the exchange rate, firstly because it has lost control over it, and secondly because it has not been able to implement it thus far despite the International Monetary Fund's demands," expressing concern that "the number of rates may increase further due to the variety of uses and sources of exchange rates."
The same financial sources note that "the reliance on multiple dollar exchange rates stems from ongoing attempts to reduce losses by applying haircuts on deposits held at banks, and the proliferation of exchange rates is merely a means to impoverish citizens who do not know on what basis to spend their remaining dollars." They point out that "the multiplicity of exchange rates will continue as long as the Lebanese state has not implemented reforms and restructured the banking sector, which is supposed to be the starting point in activating any economy in the world."
