Lebanon’s Central Bank Will Now Allow Banks to Sell USD At The ‘Sayrafa’ Rate

HUSSEIN MALLA

The Central Bank of Lebanon announced on Friday that it will allow all Lebanese banks to buy and sell U.S. dollars at a rate determined by the “Sayrafa” platform starting March 28.

The statement added that there will not be any limitation on the volume of currency exchanged at the banks.

BDL also said that until March 29, fuel will be imported based on the exchange rate of 22,200 Lebanese pounds per dollar.

Back in January, Lebanon’s central bank started allowing commercial banks to purchase U.S. dollars on the “Sayrafa” platform to help strengthen the Lebanese pound.

Since 2019, “the Lebanese pound has lost 90 percent of its value, eroding people’s ability to access basic goods,” Human Rights Watch reported back in January.

The depreciation of the Lebanese pound left 80% of the population without access to basic human rights like education, health, and a basic standard of living in terms of housing and electricity.

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Lebanon's Central Bank Will Now Allow Banks to Sell USD At The 'Sayrafa' Rate

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