Beirut airport exchange rate rises for third time

The Beirut airport duty-free exchange rate went up for a third time, reaching 2,100 Lebanese lira to $1.

The official pegged rate is 1,500 lira to $1, though that peg has slipped since October. Now it is around 2,450 lira to $1 in the unofficial market. Lebanon’s central bank and money exchangers had previously agreed to a 2,000 to $1 rate as the economic situation in the country continues to deteriorate.

At the end of January, the airport raised its rate to 1,950 lira to $1. The first hike in the rate came in December, as the exchange rate hit 1,750 lira to $1.

Lebanon’s economy has been suffering for months as a shortage in dollars, needed to pay for much-needed imports, has spurred a larger economic crisis.

Today in Beirut, policymakers and IMF officials are in meetings to discuss whether Lebanon will pay or default on an upcoming $1.2 billion Eurobond payment.