BDL Just Cancelled The ‘Bank Rate’ Forcing Lebanese To Withdraw at 1,507 LL

Central Bank Can No Longer Subsidize Fuel
Forbes Middle East

On Wednesday, the Central Bank made a decision to stop operating according to Circular 151, which allowed depositors to withdraw their ‘lollars’ (dollars stuck in Lebanese banks) at the semi-official exchange rate of 3,900 LBP.

Instead, people are now only allowed to withdraw their local dollars at the official rate of 1,500 LBP.

This comes based on the verdict of the state’s Shura Council that ruled in favor of three lawyers – Pascal Daher, Charbel Chbeir, and Jessica Kousaifi – who filed an appeal three months ago against the Central Bank‘s Circular 151.

People have now taken to the streets to protest the sudden decision which plunges the country into a deeper national humiliation.

“People have the right to withdraw their dollars in dollars, not 1,500 LBP or 3,900 LBP,” demanded journalist Salman Andary.

The Central Bank has since announced that it would file an appeal hoping that the Shura Council will look into reversing its decision.