Lebanese Central Bank Finally Sets LBP/USD Exchange Rate On ‘Sayrafa’

Lebanese Central Bank Sets LBPUSD Exchange Rate At 12,000 On 'Sayrafa
Bloomberg/Patrick Mouzawak

The Central Bank of Lebanon (BDL) has set the exchange rate of the Lebanese pound against the U.S. dollar at 12,000 LBP/USD on the Sayrafa platform.

Riad Salameh, the governor of the Banque du Liban (BDL), announced the new rate in a statement on Thursday.

As such, Salameh asked users on the Sayrafa app to register their requests for foreign currency on the platform starting Friday, May 21st, and until Tuesday, May 25th.

That is provided that the required amount is paid at registration in cash Lebanese pounds.

“These transactions will be settled on Thursday, May 27, 2021. U.S. dollars are paid exclusively at correspondent banks,” the statement concluded.

The BDL had launched last Monday the Sayrafa platform, on which foreign exchange operations, particularly with respect to U.S. dollars, are meant to be conducted in Lebanon.

Last week, the BDL announced an initiative that it said would relieve the Lebanese people by allowing them to access their frozen deposits in banks in foreign currency.

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