Dollar exchange rate reaches 14,000 Lebanese pounds on black market

Dollar exchange rate reaches 14,000 Lebanese pounds on black market

BEIRUT: The Lebanese pound hit a new low on the black market, reaching 14,000 for $1 after it had been somewhat stable in recent weeks at 12,000. This coincided with a new circular from the Banque du Liban (BDL) instructing commercial banks to gradually repay foreign currency deposits from July. The circular comes into effect as of June 30 for one year, subject to change or renewal. Under the circular, a depositor can withdraw $400 per month either in banknotes, by transferring it abroad or via bank card transactions that can be used in Lebanon and abroad. The circular also stipulates that a depositor can withdraw in parallel the equivalent of $400 in Lebanese pounds per month at the prevailing exchange rate on Sayrafa, BDL's official platform. Commercial banks have yet to reveal whether their financial capabilities will allow them to implement the circular. Meanwhile, the Capital Control bill to control the movement of dollars and prevent their transfer outside Lebanon, except in exceptional cases that do not harm the public interest, was approved by Parliament's budget and finance committee. "The BDL circular and the approval of the Capital Control draft bill are long overdue,“ Dr. Ahmed Al-Lakkis, director general