The Governor of the Central Bank of Lebanon, Riyad Salama, issued a decision that allows the sale of the US dollar exclusively through the official banking platform starting tomorrow, Tuesday, in a move to put the continuous increases in the dollar exchange rate in the informal market, where the average exchange rate on the official platform is 30100 pounds per dollar. While the informal market saw a rate of 40300 pounds to the dollar.
The Bank of Lebanon’s Governor decided today that from next Tuesday until further notice, all purchases of dollars on the official platform must cease.
The Bank of Lebanon confirmed the continuance of Circular 161, which calls for the continuation of paying public sector pensions in US dollars, stressing that the decision permits holders of foreign currency bank deposits to withdraw $400 each month subject to certain restrictions.
After the decision was issued, the exchange rate in the informal market declined significantly, recording 35 thousand pounds per dollar in the largest decline in the dollar in several months.
The Central Bank of Lebanon has announced that it will no longer issue foreign currency to any businesses, including those that import fuel, and will only continue to do so for businesses that import drugs.
In anticipation of the decision-making restrictions, the central bank will offer the dollar for sale in accordance with the price of the official platform, according to the decision’s language.
The governor of the Bank of Lebanon permits a drop in the market exchange rate and the selling of US dollars through the official platform.
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