BDL raises Sayrafa rate, stirs controversy among Lebanese

Lebanon Economy
02-02-2023 | 10:59
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BDL raises Sayrafa rate, stirs controversy among Lebanese
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BDL raises Sayrafa rate, stirs controversy among Lebanese

The Banque Du Liban raised the Sayrafa exchange rate from 38,000 LBP to 42,000 LBP, stirring controversy among the Lebanese.

Employees in the public sector who were fortunate enough to receive their paychecks before Thursday were able to withdraw money in dollars on Sayrafa for 38,000 LBP to the dollar.
 
As for those who did not receive their paychecks before Thursday, such as retirees and some public administration personnel, they withdrew them from most banks at the new rate of 42,000 LBP, incurring a loss of about $10 for every $100.
 
The increase in Sayrafa rate also raised the cellphone bill, as it is priced in turn on the platform's rate.
 
Sources at the Central Bank confirmed that Sayrafa platform is a must because it helps to withdraw the cash block in Lebanese lira in the market to try to mitigate the dollar's rise and helps people in this situation.
 
In the upcoming days, Sayrafa will be made available to the private sector with a monthly cap of $300 per individual while barring merchants from benefiting from it.
 
As for customers who are still waiting to collect dollars in exchange for Lebanese pounds they already deposited in their banks at the beginning of last month, payment was made for the files that meet the conditions, successively and at the old price on which they submitted their requests, i.e., 38 thousand LBP.
 
Regarding the exchange rate, BDL sources noted that given the dollar's ongoing appreciation on the black market, the Sayrafa rate had to be increased because of the following:
 
- To reduce speculative activities and the gains that some large traders and possibly some banks are making from the profit margin created by the difference between the two prices.
 
- To aid in future exchange rate unification, which is only possible with political stability and reforms.
 
The sources believed that the market price of the Lebanese lira is very close to Sayrafa rate and not the parallel market because a substantial portion of the parallel market is under the hands of manipulators and speculators.
 
 
 

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