Money Changers In Lebanon Must Now Use An App To Record Exchanges

Money Changers In Lebanon Will Now Use An App To Record Exchanges
Middle East Eye/Choe Domat

Sayrafa is the new app that licensed money exchangers will begin using to record all of their exchange operations, the Lebanese central bank announced.

On Wednesday morning, June 10th, the Banque du Liban issued a circular that introduced a new mandatory electronic platform for money changers in Lebanon.

As per the official announcement, every money exchange institution will be required to register on the app Sayrafa, which was developed specifically for these institutions.

The app will only be available on special mobile tablets that will be provided to money changers across the country.

According to the central bank, starting on June 26th, all currency exchange work will be strictly done through the platform.

The new platform is intended to record the details of every operation conducted by its users, including the amounts exchanged and the required details of the customer, in addition to other standard information.

Moreover, money changers will use the app to report, before 9 AM on a daily basis, their adopted exchange rate for the US dollar, and any additional currencies.

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Needless to say, these rates must be unified across all local currency exchange institutions (which must not overstep the upper USD/LBP exchange rate limit specified by the central bank), and subject to change throughout the day.

In effect, from June 26th and onward, exchange operations outside the app will not be permitted. On that note, each institution may utilize one or several Sayrafa tablets for its operations.

This electronic platform is the Banque du Liban’s latest measure in the pursuit of organizing the work of money exchange businesses.

Furthermore, it is a step that aims to “protect the stability of the Lebanese pound’s exchange rate without compromising the freedom to trade in foreign currencies,” the central bank’s statement explained.

On a side note, in addition to the rapid declination in the value of the Lebanese pound, the Lebanese banking sector is facing serious challenges after foreign banks began to blacklist Lebanon from their cross-border transactions.

The Banque du Liban’s official circular can be viewed here.