Governor Riad Salameh of the Banque du Liban has issued a press release outlining measures to intervene within the overseas trade market in an effort to stabilize the forex.
The assertion cites Articles 75 and 83 of the Financial and Credit score Regulation and consists of the next actions:
- The Banque du Liban will promote money US {dollars} and purchase money Lebanese kilos on the worth of 70,000 LBP per greenback, efficient March 2, 2023.
- The Banque du Liban will meet your entire demand ensuing from the sale of the Lebanese pound by corporations and people.
- Requests for the sale of Lebanese kilos will be made by way of banks registered through the Sayrafa platform and will probably be paid inside 3 working days.
- People can promote as much as one billion Lebanese kilos per thirty days for every account in every financial institution, and corporations can promote as much as 10 billion Lebanese kilos for every account in every financial institution.
- The Sayrafa platform will probably be priced at 70,000 LBP to the greenback.
- Public sector pensions and compensations for the month of February will probably be paid on the Sayrafa worth of 45,400 LBP for the greenback on March 1, 2023.
- Banks will cease shopping for {dollars} for his or her clients, with a ceiling of $300 per thirty days, till additional discover.
- Round 161 of public sector pensions will proceed to work.
- The Banque du Liban will proceed to pay the money {dollars} it bought earlier than this assertion and which haven’t been paid till now.
The choice is available in response to the current spike within the black-market fee for the US Greenback, which hit 92,000 LBP per greenback lower than an hour earlier than the assertion was launched.
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The brand new measures will take impact from March 2, 2023, till additional discover.
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