The Lebanese minister of finance Youssef Khalil said that the official Lebanese Lira rate will be increased from 1,507LL to 15,000LL as of the end of October 2022.
Khalil said that this step came in order to unify the numerous Lebanese Lira rates in the country.
The official rate since the beginning of the economic and banking crisis in Lebanon has been 1,507 against the dollar with no one abiding by this rate.
On May 10, 2021, the Lebanese Central Bank issued basic circular number 157 enacting the legal and regulatory framework that launches, organizes, and regulates the “Sayrafa” platform.
Sayrafa is an electronic platform developed by the BDL that is intended to record all Lebanese Pounds foreign exchange transactions into any other foreign currency, carried out by all persons and entities licensed to do so.
The purpose of this platform is to identify the exchange rates at any point in time and to allow the BDL to supervise and intervene when needed.
BDL’s Sayrafa platform didn’t stop the black market rates of the Lebanese Lira against the dollar, and now with the official Lira rate hiking to 15,000LL, it is expected that the black market rates will hike as well.