Today, the LBP rate, 23/4/2023, stands at 1 USD = 97,000 LBP, reflecting Lebanon’s ongoing economic struggles and political unrest. The country is grappling with a severe financial crisis, and the political turmoil is only worsening the situation. This article will discuss the recent news and its impact on the Lebanese Pound (LBP).
USD to LBP: Steady Exchange Rate – April 22, 2023
Yesterday, April 22, 2023, the USD to LBP rate remained unchanged, with 1 USD equating to 97,000 LBP. The stagnation in the exchange rate reflects ongoing uncertainty in Lebanon’s economic and political landscape. As the country grapples with multiple crises, the stability of the Lebanese Lira remains uncertain. Investors, businesses, and the general public continue to monitor developments closely, hoping for positive changes that could help stabilize and eventually strengthen the national currency.
Maritime Property Violations: Over 1,000 Cases and New Fee Schedule
In a recent survey conducted by the Ministry of Public Works, over 1,053 maritime property violations have been identified, stretching from Arida in Akkar to Ras Al-Naqoura in southern Lebanon. The annual fee for these violations ranges from 40,000 to 9 million Lebanese pounds per square meter, depending on the severity of the infraction.
In response to the escalating dollar exchange rate, the Cabinet has amended the annual fee schedule for violations at the request of Minister of Public Works Ali Hamieh. This aims to capitalize on state property and secure the necessary funds for the treasury. However, Tourism Minister Walid Nassar believes that the mechanism for amending the decree needs further study and should only be implemented starting in 2024.
Hamieh disagrees with Nassar’s stance, asserting that the survey and plan have been thoroughly examined. Nassar goes further by urging Hamieh to either reverse the amendment or apply it to river properties as well. The Minister of Public Works claims this decree is just the beginning and will be enforced immediately following its publication in the Official Gazette after the Eid al-Fitr holiday.
A crucial question remains for those who have already paid their violation fees for 2023 before the decree’s amendment: how will their cases be addressed moving forward?
French Proposal: Franjieh-Salam Initiative
According to a Naharnet Newsdesk report, Paris is still pushing for the election of Suleiman Franjieh as president and the appointment of Nawaf Salam as premier to resolve the Lebanese crisis. Despite objections to the proposal, France remains insistent, arguing that Hezbollah has not accepted alternative candidates, and some nominees are either unknown or lack a presidential profile.
Hezbollah’s Influence on the Political Landscape
Hezbollah’s influence in Lebanon’s politics is significant, as the group has the power to prolong the political vacuum for as long as it desires. This was evident in 2016 when the country experienced a lengthy presidential vacuum. The French believe it would be impossible to elect a candidate not accepted by Hezbollah, which explains their persistence with the Franjieh-Salam proposal.
Challenges Facing the French Initiative
The French proposal faces several challenges, including resistance from various political factions within Lebanon. Additionally, some argue that Paris cannot suddenly reverse its policy, as it would signify a lack of seriousness and undermine the initiative’s credibility. These challenges make it difficult for the French government to find a quick and amicable solution to Lebanon’s political crisis.
Impact on the LBP Rate
The ongoing political turmoil and the struggle to find a resolution have led to a further decline in the LBP rate. As uncertainty continues, the Lebanese Pound remains volatile and susceptible to fluctuations. The current rate of 1 USD = 97,000 LBP showcases the severity of the situation, which has consequences on both the economy and the daily lives of the Lebanese people.
Conclusion
The political unrest in Lebanon and the challenges facing the French initiative to resolve the crisis have significant consequences for the LBP rate. The inability to reach a political consensus further weakens the Lebanese Pound and exacerbates the ongoing financial crisis. The international community and Lebanon’s political factions must find a viable solution that addresses the country’s economic and political challenges.
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Karim.
