BDL Extends Circular Allowing Banks to Buy Dollars at Sayrafa Rate
The central bank on Wednesday extended until the end of February the implementation of Circular 161.
In a statement, the bank said that the extension can be renewed beyond February.
“The Governor also stressed that the exchange of USD cash in return for LBP banknotes will continue with the banks without a specific ceiling, based on the rate of the Sayrafa platform,” the statement added.
The circular has led to a major recovery of the Lebanese lira value on the black market in recent weeks.
Critics have however warned that the decision might deplete the central bank’s foreign currency reserves in the absence of a financial and economic recovery plan.
Source: Naharnet
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