Lebanon’s central bank stops buying dollars through… "banking"

On Sunday, the Central Bank of Lebanon announced that it would stop buying dollars through its own “exchange” platform from Tuesday until further notice.

Bank of Lebanon Governor Riad Salameh said in a statement: “Based on articles 75 and 83 of the Monetary Policy Law, the Bank of Lebanon will exclusively sell US dollars through the SAYRAFA platform starting next year. Tuesday knowing that he will not buy dollars through the SAYRAFA platform from now until further notice.”

The statement released by the National News Agency added that the bank will continue to pay public sector pensions in US dollars.

He also indicated that withdrawals of $400 for bank account holders are ongoing.

Salameh’s decision came after the Lebanese pound hit its lowest level against the dollar in the parallel market, knowing that the dollar was selling for around 40,000 pounds in the parallel market.

Source: agencies