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On Monday, Lebanon’s Central Bank launched its long-awaited Sayrafa platform that aims to become the sole reference for Lira/USD exchange rates in the country.
After weeks of postponing the app, the Central Bank‘s launch yesterday was reportedly a test with no immediate impact and that exchange rate was following the black market temporarily.
According to Al-Joumhouria, trading operations are expected to begin today if no major delays are made.
The app is expected to make the black market exchanges obsolete by working with banks and licensed exchange dealers to monitor and increase the transparency of money exchanges taking place in the country.
Families of students studying abroad, importers, employers of domestic workers, all who need access to dollars, will be allowed to use the Sayrafa app.
The Central Bank of Lebanon also recently announced a plan to allow Lebanese to gradually access their frozen foreign currency deposits.