SAWT BEIRUT INTERNATIONAL

| 3 February 2023, Friday |

BDL sets the mechanism for using the ‘electronic platform’

The Central Bank Governor Riad Salameh, issued a circular clarifying the mechanism of using the electronic platform by banks and money exchange dealers to trade in currencies.

The Central Bank, in its circular, informs banks the following:

Banks can access the electronic platform for exchange operations through an application created on the web portal.

This platform is restricted to IP addresses, and therefore each bank is required to specify its own address to access the application.

The Central Bank will allow only the registered IP addresses to access the platform

The circular added that a virtual training course will be held for all banks via ZOOM app to train banks on the mechanism of trading in currencies and using the platform. The date of the meeting and the subscription method will be determined later.

Beirut, March 23, 202

BDL circular

BDL circular

The Central Bank has issued a circular on Monday stating that the electronic platform launched last week to organize money exchange should include both banks and exchange dealers.

The circular indicated that in light of the exceptional circumstances, that the country is passing through and which affected the exchange rate severely, the Central Bank decided to organize money exchange operations to protect and stabilize the local currency, so that all operations are recorded on it.

Banks are required in a due date of maximum 16/4/2021 to participate in the electronic platform for money exchange, and register on the electronic application affiliated to the platform, and to abide to the conditions issued by the Central Bank.

Due to this decision all banks will be given a money exchange license and should take the required procedures to be able to exchange money according to the law number 347 dated 6/8/2001.

The decision allows banks to trade in currencies similar to legitimate money changers, and indicated that it is the Banking Control Commission’s role to monitor proper functioning.

    Source:
  • Sawt Beirut International