SAWT BEIRUT INTERNATIONAL

| 19 June 2021, Saturday | النسخة العربية

Lebanese Central Bank launches a banking platform

Al-Nahar learned that the Lebanese central bank launched, today, a “banking” platform, which will allow the dollar market to become more transparent. The Central Bank had issued the necessary circulars to explain how it operates.

Circular No. 157 specified how banks would deal with operations, and its second article clarified that the margins between the selling price and the purchase price should not exceed 1 percent. And that the customer pays Lebanese pounds for the bank to transfer his paper dollars to his “fresh” accounts in Lebanon or abroad.

The first article of the circular 157 defined how banks can participate in banking operations, and clarified the papers that must be shown on the customer and the process.

Also, Intermediate Circular No. 583 was issued which amended the previous decision, introducing the concept of a new “banking” platform.

The platform will secure the process of buying and selling foreign cash, specifically the dollar, at a price that determines the supply and demand directed to banks and money changers to buy and sell dollars in the market, and these operations will be available for traders, importers, institutions and also for ordinary individuals, with specific documents and information. Provided that the Lebanese central bank intervenes when necessary to control fluctuations in the exchange market prices, bearing in mind that the price will be determined by market movement, in an attempt to limit speculation and control the dollar.