Lebanon orders money transfer services to pay out in local currency – ZAWYA

Lebanon orders money transfer services to pay out in local currency – ZAWYA

The circular did not specify the market rate that money transfer services should adhere to.. BEIRUT- Lebanon's central bank said on Thursday that money transfer services operating outside commercial banks must issue cash in local currency at a "market rate", according to a central bank circular.. Nassib Ghobril, chief economist at Byblos Bank, said the new measure could bring some of that hard currency back to the formal banking system.. Commercial banks have allowed Lebanese to withdraw cash if it is freshly deposited from abroad, but many Lebanese remain wary of using the formal banking system amid the tightening restrictions..