Professor Jassem AJAKA
Physicist | Economist

Is the dollar rate on Google correct?

Annahar Newspaper

Social media activists traded a picture showing the exchange rate of the dollar against the Lebanese pound in 1777.03. This coincided with the statement by the Governor of Banque du Liban Riad Salameh to Reuters, which caused concern among citizens. “This price is not the official price because the data is not taken from the official source, which is the exchange market in Lebanon,” said economist Professor Jassem Ajaka. He added that “these numbers may be the result of” algorithms “used by those concerned to fill the gap in the data.” He explained that “the official price traded so far is 1512 Lebanese pounds”, and stressed that “Riad Salameh announced BDL’s commitment to the official margin he set.”

For their part, economist Ghazi Wazni said in an interview with “An-Nahar” that “no There is an official exchange rate for the dollar in the markets, while the dollar rate in the banking market is 1515 because the governor of Banque du Liban reaffirmed a commitment to the policy of monetary stability, but the banking market is limited and received the price of 1650 and 1700, and the Google price was affected by certain operations that took place in the banking market.

Economist Dr. Nassib Gabriel told Al-Nahar that “Google is not a central bank or a financial reference, it is only a research tool and its figures do not have any credibility first, and secondly the majority of foreign currency in the central bank or commercial banks, and the latter has 172 billion and $ 500 million. As a deposit, Banque du Liban has about $ 38 million in foreign currencies according to its latest budget. Everything that happens outside the banking system is secondary and does not reflect the real foreign exchange market and does not reflect the real exchange rate.”

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