As of today, April 28, 2023, the Lebanese lira black market rate for 1 USD is stable at 97,300 LBP, continuing the trend of stability seen over the past few weeks. Yesterday’s Lira rate was also at 97,300 LBP for 1 USD. In this article, we’ll delve into recent news and developments in Lebanon, including factors behind the exchange rate stability, fuel prices, efforts to improve waste management in Beirut, the return of Lebanese nationals from Sudan, and the launch of the Baalbeck International Festival 2023.
A Drop in Dollar Price: 1 USD = 97,100 LBP
The dollar price experienced a slight drop in the black market. The exchange rate now, 3:30 PM, stands at 1 USD = 97,100 LBP, a decrease of 200 LBP compared to the previous rate of 1 USD = 97,300 LBP. This decline in the dollar price, though minor, can have an impact on the market. It remains to be seen whether this trend will continue or if the LBP rate will revert to its previous stability in the coming days.
Fuel Prices Update for April 28, 2023
Today’s fuel prices show UNL 95 at 1,802,000 L.L., UNL 98 at 1,844,000 L.L., and Diesel Oil at $738.14 + transportation USD/1000 liters. The Lebanese lira black market rate has remained stable, with 1 USD equaling 97,300 LBP, similar to yesterday’s rate.
Factors Contributing to Lebanese Lira Stability: BDL Intervention and Influx of Expatriates
The Lebanese lira has maintained a relatively stable exchange rate in recent weeks, thanks to two primary factors contributing to this steadiness.
- Banque du Liban (BDL) Intervention: One of the main reasons for the stability of the Lebanese lira is the active intervention of the Banque du Liban (BDL). The central bank has injected dollars into the market, resulting in increased trading volumes on the Sayrafa platform. Daily trading volumes have risen to between 70 and 90 million dollars, compared to around 30 million dollars during the same period in March. This intervention has helped stabilize the local currency and ease fluctuations in the exchange rate.
- The influx of Lebanese Expatriates and Tourists: Another significant factor contributing to the stability of the Lebanese lira is the influx of Lebanese expatriates and tourists during the Easter and Eid al-Fitr holidays. The arrival of these visitors has brought an estimated $400 million into the country. This additional influx of dollars, combined with the dollars accumulated by the BDL in previous months, has helped stabilize the exchange rate, which reached a high of LBP 140,000 in late March.
- BDL Governor’s Intentions: The stability in the exchange rate can also be attributed to the intentions of the BDL governor, who aims to end his term on July 31st in a relatively calm environment. This includes maintaining stability in the exchange rate and preserving what remains of the BDL’s foreign currency reserves. To achieve this, the governor relies on the continuous inflow of dollars from expatriates during the summer, bolsters the country’s foreign currency reserves, and supports the local currency.
The Lebanese lira’s stability is a result of a combination of factors, including BDL intervention, an influx of expatriates and tourists, and the strategic intentions of the BDL governor.
Beirut’s New Initiative for Improved Waste Management
Caretaker Environment Minister Nasser Yassin, in cooperation with Beirut Municipality, has launched the process of establishing drop-off centers and points in 10 potential sites for the collection of recyclables. This initiative, funded by the Lebanon Financing Facility (LFF) and implemented by the United Nations Development Program (UNDP), aims to improve solid waste management in Beirut.
Final Batch of Lebanese Nationals Arrive in Jeddah from Sudan
The second and final batch of Lebanese nationals evacuated from Sudan has arrived in Jeddah aboard a Royal Saudi Navy ship. The Ministry of Foreign Affairs and Emigrants announced the imminent end of the evacuation process, providing contact information for the Lebanese Ambassador to Sudan, Dima Haddad, to offer any necessary assistance.
Baalbeck International Festival 2023 Announced
Despite challenging circumstances, Lebanon’s vibrant cultural life continues with the announcement of the 2023 Baalbeck International Festival between July 1 and July 16, 2023. The President of the Baalbeck International Festivals, Nayla De Freige, and Caretaker Minister of Tourism, Walid Nassar, expressed optimism for a promising tourism season, with revenues expected to exceed 2022’s $6.4 billion.
In conclusion, despite ongoing challenges, Beirut is witnessing a stable Lebanese lira black market rate and a series of positive developments in various sectors. From improved waste management initiatives to the anticipated Baalbeck International Festival, Lebanon is optimistic about a brighter future. Don’t forget to share this post to keep your friends and family informed about the latest news and developments in the country.
Karim.