Central Bank announces measures to stabilize currency, sets Sayrafa rate at 70,000 LBP

Requests for these transactions can be submitted through banks and registered on the Sayrafa platform, and payment must be made within three working days. For individuals, there will be a monthly cap of one billion Lebanese pounds per account in each bank, while companies will have a monthly cap of 10 billion Lebanese pounds per bank.

However, these measures will not apply to fuel importers. The Sayrafa platform will set the exchange rate at 70,000 LBP per USD, and the public sector's salaries and compensations for February will be paid at a rate of 45,400 LBP per USD.

The measures will come into effect starting March 2nd, 2023, and will continue until further notice. Banks will also halt their purchases of US dollars for their clients, with a monthly limit of $300 per person, until further notice.

The Governor's statement also confirmed that Circular No. 161 on public sector pensions will remain in effect, and the Central Bank will continue to pay cash dollars sold before this announcement that have not been settled.