Breaking: Lebanon Will Lift Secrecy of Exchange Transactions

Reuters

Following the arrest of the Central Bank’s head of monetary operations Mazen Hamdan, the Special Investigation Commission said that it would lift banking secrecy on transactions with exchange dealers.

Hamdan’s arrest was ordered by the financial prosecutor Judge Ali Ibrahim as part of the investigation on the manipulation of the exchange rate.

The financial intelligence unit stated that it has decided to lift banking secrecy in order to provide them to the prosecutor general.

The unit held that after looking at the amounts, “there was no manipulation in the money exchange market as a result of BDL’s operation” contrary to the rumors.

They added the BDL will continue to finance the import of basic needs at LL3,200 to the dollar in order to help reduce food prices.

The arrest of the BDL director of monetary operations Mazen Hamdan continues to be a subject of controversy in Lebanon as on social media.

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