Lebanon Opportunities

Commotion at exchange counters

oreign exchange (forex) dealers noticed a sudden rise in demand for the US dollar nearly three months ago. It all started when banks stopped meeting the market’s demand for dollars at the same level they had done so in the past, said Deputy Chairman of the Syndicate of Money Changers. This is mainly affecting importers of fuel, pharmaceutical products, and foodstuffs, who often sell their products in lira while they pay for their imports in foreign currencies, he said. The rush to buy dollars at forex counters led to a rise in the exchange value of the greenback, although the banks continued to quote the official price

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