SAWT BEIRUT INTERNATIONAL

| 22 September 2021, Wednesday |

Central Bank calls on banks to participate in the electronic platform

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.

The circular issued by the Central Bank mandates money exchange dealers to participate also in the electronic platform. Exchange dealers are also required to register on the electronic platform on a due date of maximum 16/4/2021 and to abide to the conditions of the decision number 13236 under the condition of removing violating institutions.