Yesterday, the Lira Rate was very close to reaching the 1 USD = 8,000 LBP level. The Dollar bullish behavior kept its pace throughout the day. The rates for today, Wednesday, November 18, 2020, as per 8 different black market apps and websites are as follows:
|App / Website||Buy 1 USD||Sell 1 USD|
|Adde Dollar Lebanon||8100||8150|
|LBP to Dollar App||8150||8050|
|Lebanese Market LBP USD||8120||8060|
|الدولار عند الصرافين لبنان||8125||8075|
The official LBP rate stands at 1507.5 LL to 1515.
NB: WE DO NOT ENDORSE, OWN OR OPERATE ANY OF THE APPS AND WEBSITES MENTIONED ABOVE. WE ARE NOT EXCHANGERS.
Checks are withdrawn at 3,900 LL depending on each bank’s rules and regulations from the Central Bank of Lebanon (BDL); private sector companies struggle with a minimum limit of Cash LBP withdrawals.
OMT transfers are withdrawn in cash dollars or the sender’s currency.
Wire transfers are withdrawn in cash Dollar banknotes depending on the amount.
Furthermore, checks are being sold and bought on telegram groups for Lebanese Lira, or in cash Dollar banknotes depending on supply and demand.
Lira Currency Intraday News:
- At 9:30 AM, 2 apps reported an increase for the Dollar. The black market usually picks up activity after 10:00 AM. Yesterday, despite the nationwide lockdown, the parallel market witnessed an unusual activity.
- The average Buy 1 USD is equal to 7,921 LBP.
- At 11:00 AM, 5 currency parallel market sources reported an increase of 50 to 100 points in the USD To LBP rate, the average by 1 USD has increased by 65 points. 3 apps have reached the 8,000 LL barrier.
- At 11:50, 3 apps: “Adde Dollar Lebanon,” “Sarraf Lebanon,” and “USD Market” reported an increase of 50 to 100 points for the Dollar VS Lira rate; check back to see if the other applications will follow the trend.
- At 12:00 PM, Lirarate.com reported an appreciation of the Dollar of 50 points; the bullish trend is getting stronger.
- The average currency exchange from the black market is now 1 USD = 8,012 LL.
- Many political figures and analysts predict the Lira to reach 9,000 LL for the US Dollar if the government formation talks did not succeed by the end of this week.
- By 12:10 PM, 6 apps reached or breached the 8,000 LL point.
- At 2:00 PM, all apps reported depreciation of the Lira of about 50 to 100 points. The average buy 1 USD increased by 36 points in only two hours to reach 1 Dollar = 8,036 LBP.
- The Lira gained around 1,500 LBP to the Dollar upon Saad Hariri’s nomination as Prime Minister; since then, the government formation is in a stalemate. This, in addition to the economic crisis, COVID-19, and the US presidential election, has led to an increased demand for fresh cash US Dollar banknotes.
- At 5:00 PM, Beirut time, all 7 applications and websites reported a Lira devaluation of around 50 points.
- From 6:00 PM to 7:00 PM, all 7 apps reported an additional devaluation of the Lira of 50 to 150 points; the average buy 1 USD increased 58 points comparing to 5:00 PM. The new average is 1 USD = 8,138 LL
- At 8:00 PM, Lirarate.com and the “Lebanese Market USD LBP” app reported a sudden appreciation of the Dollar of 100 points; we will not add these updates to the above table and average as such an increase at this time of the day is highly unlikely and looks fake and artificial. We at LiraExchange.com have noticed such behavior by the apps always to happen around 8 to 9 PM.
- At 8:30, the usual happened, ” الدولار عند الصرافين لبنان ” app indicated a huge devaluation of the Lira. We will NOT report the numbers as at this time such increasing demand on the Dollar banknotes seems illogical and out of place!
- At 9:00 PM, the “LBP to Dollar” app reported also a huge increase of the USD, again, we will NOT update the numbers and averages as we find this activity at such an hour of the day to be nonsensical and looking to be manipulative.
Today, the parallel currency market saw a breach of the 8,000 LL, reaching a maximum of 8,138 LL. Our observation deducted that the black market apps are a major player when it comes to public sentiment.
All 7 update their prices, whether up or down, nearly simultaneously, which looks highly suspicious.
Are these apps fueling an artificial demand for the Dollar?
Why don’t they disclose their market sources?
How come some of the apps report a sudden increase in the Dollar value at 8, 9, and even 10 PM?
Most probably, the market is manipulated by many individuals, but it looks like there is a sort of a “central kitchen” that defines what will happen and when.
USD to LBP telegram groups also witnessed huge activity today.
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