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bankingMarch 21, 2021

BDL Allows Banks to Conduct Exchange Transactions to Control Currency Depreciation

The Central Bank of Lebanon announced on Friday that it will allow local banks to conduct currency transactions similar to money exchange shops and will step in to control the uncontrollable exchange rate of the dollar, the presidency announced.

“Starting next week, the Central Bank of Lebanon will allow local banks to conduct exchange transactions similar to legal exchange dealers and will record the transactions on the electronic platform of BDL,” political advisor at Baabda Presidential Palace announced in a statement.

The statement came after a meeting between President Michel Aoun and BDL Governor Riad Salameh at Presidential Palace in Baabda.

Salameh had informed Aoun that the Central Bank will launch an electronic platform to record all exchange transactions. The platform will be the main reference for the market price he said.

The Lebanese pound has lost around 90 percent of its value against the dollar on the black market in 18 months of crisis.

While the currency remains officially pegged to the greenback at 1,507 Lebanese pounds, the exchange rate has shot up to around 15,000 on the black market.