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bankingJuly 7, 2020

Lebanese Central Bank sets rate of LBP 3,900 per US dollar for essential food industries

NNA - The Lebanese Central Bank on Monday issued a statement making clear that it would be providing US dollars at a fixed exchange rate of LBP 3,900 per US dollar for importers and manufacturers of essential food items.

'The Central Bank will secure the necessary amounts in foreign currency to meet the needs of importers and manufacturers of essential food items and raw materials used in food industries (...) at the fixed rate of LBP 3,900 pounds per US dollar,' the statement read.

Requests should be submitted through banks and their value should be paid -- in cash -- in Lebanese pounds to the bank, which in turn will transfer them to the Central Bank. The latter will then exchange their value into US dollars and retransfer them to the account of the bank that is performing the transaction, the statement explained.

Meanwhile, the official exchange rate remains at LBP 1,507.5 per US dollar, the Central Bank's statement added.