SAWT BEIRUT INTERNATIONAL

| 8 December 2022, Thursday |

Central Bank sets new rate for withdrawals from US dollar deposits

Today, the Ministry of Labor is preparing to issue a law related to professions that should be restricted to Lebanese only, in order to preserve job opportunities amid the tough difficult economic conditions, including work related to the health sector, trade, and business related to tourism professions.

To shed light on this issue, the President of the General Labor Union, Bechara Asmar, joined us by phone.

At a time when the dollar exchange rate on the black market surpassed 25,000 LBP per dollar, the Central Bank came out with a new circular, in which the exchange rate of banking dollars was raised from 3,900 LBP to 8,000 LBP, provided that the decision enters into effect directly with setting a ceiling for monthly withdrawals with a limit of maximum $3,000.

According to Sawt Beirut International (SBI) information, banks will reduce the withdrawal ceiling based on the value of the account, bringing the maximum withdrawal limit on the basis of 8,000 LBP at 3,000 LBP, an amount equivalent to 24 million LBP for large accounts, to gradually decrease this ceiling based on the account.

Banking sources confirmed to SBI that adjusting the exchange rate of withdrawals will not contribute to pumping large amounts of the Lebanese pound into the market, as a result of adjusting the withdrawal ceilings for depositors, to remain within the current ranges, considering that the measure taken by the Central Bank contributes to reducing the rate of haircut on bank deposits in US dollars.

    Source:
  • Sawt Beirut International