"Will we celebrate with a $50,000 dollar?" This is a question posed by all Lebanese after the outrageous rise of the dollar has become a subject of jokes and humor for them. Reaching $50,000 is certainly a possibility, says economic expert Louis Khbeika to MTV, adding, "But no one can be certain about it; it could happen before or after New Year’s."
He explains the significant rise in the dollar, which jumps by about 2,000 Lebanese pounds in a single day, despite the holiday season, the return of expatriates, and the full bookings due to tourists, as a matter of supply and demand. According to Khbeika, the demand today is much greater than the supply, as expatriates are only exchanging currency based on their needs. He points out the phenomenon of dollarization that has dominated purchasing activities recently, which also has an impact; fewer people are exchanging dollars but instead are directly buying in dollars.
In Khbeika's view, the Central Bank of Lebanon is buying dollars from the market to increase its reserves, especially since it faces significant challenges, such as purchasing wheat, medicines, fuel, and more, while at the same time lacking sufficient reserves. Regarding the expected scenario for the dollar, he concludes that it is "on the rise" as long as the situation remains the same.
