The Association of Banks left the banks operating in Lebanon free to abide by the decision of Banque du Liban (BDL) in terms of selling citizens and institutions dollars at the new Sayrafa exchange rate of 38,000 LBP and without ceilings.
Sources in this association renewed saying that Governor Riad Salameh wanted the dollar exchange rate in the parallel market not to reach 50,000 LBP.
Al-Mawarid Bank and MEAB Bank are the most responsive to the ruler’s decision and opened the door to their depositors and non-depositors with a decision to increase working hours and work on holidays.
Other banks chose to deal with this decision in their way and limited it to their depositors, with specific dates and with a limited number of operations.
Since these banks opened their doors, depositors began to flock, each carrying a suitcase or bag containing hundreds of millions of Liras, up to a billion Liras, and perhaps more.
BDL, according to its sources, can secure dollars to cover these exchange operations. In previous periods, it was present in the market by buying hundreds of millions of dollars. With the decline recorded in the parallel market dollars, it can also make new purchases if it wishes.
These sources indicated that the ruler’s decision was coordinated with the caretaker prime minister, Najib Mikati, and with Finance Minister Youssef Khalil, and said that the Central Bank could not stand idly by disregarding the continuous rise in the exchange rate of the dollar. Therefore the ruler took this step, expressing the hope that it would be accompanied by the beginning of a political solution because, without a political solution, any resolution would remain temporary.