Participating Banks In Lebanon Will Sell USD At The 12,120LL Rate

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Hasan Shaaban/Bloomberg

On Friday, Lebanon’s Central Bank Governor Riad Salameh announced that banks participating in the Sayrafa platform will be able to buy U.S. dollars at the 12,000 LBP exchange rate to be sold to customers at the rate of 12,120 LBP.

In a statement, Salameh said that banks seeking to register in this process should apply on the platform between Monday, June 7th and Wednesday, June 9th on the condition they are able to provide the required amount in Lebanese pounds.

According to the Central Bank, transactions in the upcoming week should be settled on Thursday, June 10th. The circular added that the total transactions for this week amount to $10 million at 12,200 LBP on the Sayrafa app.

The USD will be paid exclusively to correspondent banks and the Banking Control Commission has been assigned “to ensure that the money changers adhere to the application of the relevant circulars.”

This comes in addition to the announcement that depositors can withdraw up to $400 per month.

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