The Dollar in Lebanon today, Tuesday 2/5/2023, stands at 96,000 LBP at 2:00 pm Beirut local time, witnessing a fluctuation in the exchange rate. This article will provide an overview of the currency rate for the month of May and discuss the latest political and economic developments in Lebanon that may affect the Dollar in Lebanon today.
A Brief Look at Yesterday’s Exchange Rate
On May 1st, the USD to LBP rate experienced a drop throughout the day, with the rate reaching as low as 95,700 LBP. However, the rate increased by 300 LBP to settle at 96,000 LBP by the end of the day. The rate has remained relatively stable since then, with minor fluctuations today.
Oil Prices Drop in Lebanon
According to a recent announcement by the National News Agency, oil prices in Lebanon have dropped today. The new prices are as follows:
- 95 octanes: LBP 1,743,000
- 98 octanes: LBP 1,784,000
- Diesel: LBP 1,506,000
- Gas: LBP 1,003,000
The Presidential Crisis and Bou Saab’s Exploratory Tour
Deputy Speaker Elias Bou Saab has initiated an “exploratory tour” to discuss the ongoing presidential crisis with Lebanese leaders. During his meeting with Maronite Patriarch Beshara al-Rahi, Bou Saab expressed that the core issue was not the identity of the president but rather the lack of communication between parties. Al-Rahi praised Bou Saab’s initiative and expressed hope that it would help break the presidential impasse.
US Urges Lebanese Parliament to Elect President
The United States has called on Lebanon’s parliament to elect a new president as the country marks six months without a leader amid political and economic turmoil. State Department spokesman Matthew Miller urged Lebanon’s political leadership to prioritize the country’s interests and enact necessary reforms to rescue the economy. The US believes Lebanon needs a president free of corruption who can unite the country and implement critical economic reforms.
Report Suggests Election of New President is Imminent
An Arab diplomat has reported that pulling Lebanon out of its presidential vacuum has become imminent. The Five-Nation Gathering has reached a consensus on the need to end the presidential vacuum, which poses a risk to the Lebanese political situation. The agreement also covers the designation of a premier and the formation of a government to prevent obstacles following the election of a president.
Syrian Labor and Lebanese Unemployment on Labor Day
On Labor Day, the presence of Syrian labor in the Lebanese job market has become a significant concern, especially with the increasing unemployment rate among Lebanese citizens. The number of Syrian workers in Lebanon was estimated at 430,000 in 2020. Lebanese authorities need to take action to regulate Syrian labor within legal frameworks to preserve Lebanese workers.
Conclusion
The Dollar in Lebanon today remains volatile, influenced by the country’s political and economic developments. As the country faces critical decisions regarding its presidential vacuum and the regulation of its labor market, it’s crucial to keep an eye on the USD to LBP rate for potential fluctuations. Stay informed and follow the latest updates on the Dollar in Lebanon today.
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Karim.
