As of today, 25th April 2023, the 1 dollar to Lebanese lira black market exchange rate is $1 = 97,300 LBP, slightly higher than yesterday’s rate of $1 = 97,200 LBP. Despite the ongoing economic crisis and political instability, Lebanon remains hopeful about its summer tourism season.
Yesterday’s Exchange Rate Overview
On 24th April 2023, the Lebanese lira experienced a slight increase in the exchange rate, with 1 dollar trading at 97,200 LBP. The currency’s fluctuation has been impacted by various factors, including the country’s economic and political climate.
Tourism Sector Looks Towards a Positive Summer
Despite the crippling economic crisis and the fragmented political situation, Lebanon remains a preferred destination for Arab and foreign tourists and expatriates. The tourism sector saw a boost during April’s Easter and Eid Al-Fitr holidays. Industry leaders expect the number of arrivals for the upcoming summer season to approach pre-crisis levels from 2019.
Pierre Ashkar, President of the Lebanese Federation for Tourism and Head of the Lebanese Hotel Association, stated that while it’s too early to make concrete predictions for the summer season, the longer holidays generally lead to an increase in arrivals from abroad. Ashkar also expressed hope that Lebanon would elect a president and form a new government in time for the summer season, with positive regional developments and improved relations with Arab Gulf countries supporting the tourism sector.
Airport Traffic on the Rise
Fadi El-Hassan, Director General of Civil Aviation, reported that airport traffic numbers are approaching pre-2019 levels, with expectations of passenger traffic exceeding 7 million by the end of 2023. During Eid Al-Fitr, daily arrivals reached 10,000 passengers, with a projected total of 600,000 arrivals and departures by the end of the month.
Political Developments Impacting the Economy
Presidential candidate Suleiman Franjieh recently submitted written guarantees to French presidential advisor Patrick Durel during their meeting in Paris. These guarantees address various issues, including granting the government extraordinary powers, engaging in negotiations with Syria, and mending Lebanese-Arab ties. The outcome of these political developments will likely influence Lebanon’s economic situation and currency stability.
In conclusion, as the exchange rate for 1 dollar to Lebanese lira on the black market stands at $1 = 97,300 LBP on 25th April 2023, Lebanon remains cautiously optimistic about its summer tourism season. The country hopes political and regional developments will foster favorable economic recovery and currency stabilization.
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