Banking sector to shift to a 15,000 LBP exchange rate as of Wednesday

Lebanon Economy
2023-01-31 | 11:10
High views
Share
LBCI
Share
LBCI
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
Banking sector to shift to a 15,000 LBP exchange rate as of Wednesday
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
3min
Banking sector to shift to a 15,000 LBP exchange rate as of Wednesday

Banks will officially begin using the 15,000 lira rate as of February 1 instead of the 1,500 lira rate.

The people who will be most affected by this measure are those who have loans in US dollars.
 
If you borrowed money in dollars for a personal loan, a car loan, a business loan, a credit card, or even a housing loan, your monthly installments would be priced at 15,000 Lira rather than 1,500 lira.
 
The issue here is that some banks opted to stop accepting payments of loans in US dollars at the rate of 1,500 pounds on their own once word of the 15,000 pounds price spread last October.
 
According to sources from the Banque du Liban, this matter is against the Central Bank circulars, and the Banking Control Commission will be looking into these cases.
As for withdrawals, if you previously took money out of your accounts in US dollars under Circular 151 at the rate of 8,000 lira, you will now take your US dollars out at the rate of 15,000 lira.
 
In order to prevent the market's currency mass in the Lebanese lira from growing and the dollar from rising more, the monthly ceiling permitted for you will fall concurrently with the new decision.
 
According to each bank and the size of your account, if you can withdraw $1,000 a month at the 8,000 lira rate, you will be able to withdraw only $500 at the 15,000 lira rate.
 
If you benefit from Circular 158, the 400 dollars you withdraw in Lebanese lira will be withdrawn at the 15 thousand lira rate rather than the 12 thousand lira rate.
 
Some experts say that the decision to adopt the rate of 15,000 lira does not solve the exchange rate problem in Lebanon, especially in light of the variety of exchange rates that currently exist, from the Sayrafa rate to the Sayarfa rate Plus to the parallel market rate.
 
The variety of exchange rate prices results in ongoing market and price turmoil, which further erodes trust in the economy and deters foreign investment and money from entering the country.
 
Political stability is necessary to launch reforms immediately and work toward unifying exchange rates.
 
 

Breaking Headlines

Lebanon News

Lebanon Economy

News Bulletin Reports

Banks

Central Bank

BDL

Banking Sector

Lebanon

Exchange Rate

LBCI Next
Fuel prices rise in Lebanon
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use cookies to make
your experience on this
website better.
Accept
Learn More