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New Measures Regarding the Exchange Rate of the Dollar in Lebanon

Lebanon Economy

18-02-2024 | 13:07

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New Measures Regarding the Exchange Rate of the Dollar in Lebanon

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In general, the official exchange rate of the dollar in Lebanon was 15,000 Lebanese pounds, with a withdrawal limit of $1,600 per month, equivalent to around 24 million Lebanese pounds.

Initial information suggests that the Ministry of Finance will initially raise the official exchange rate of the dollar to 25,000 Lebanese pounds, while the withdrawal limit may remain at $1,600 per month, equivalent to 40 million Lebanese pounds.

This decision was made by the Ministry of Finance after it became apparent that depositors needed liquidity in Lebanese pounds, as banks were not providing dollars at the market rate, which stands at 89,500 Lebanese pounds.

The government consulted the Central Bank on this matter, but the Central Bank reiterated its rejection of multiple exchange rates for the dollar, considering that there is a unified market rate. Additionally, the Central Bank refused to have a role in setting the withdrawal limit for the official exchange rate of the dollar.

The Central Bank of Lebanon is not concerned that this decision will lead to a significant increase in the money supply in Lebanese pounds because the number of depositors who will withdraw the official exchange rate of the dollar may not be large, as most of them are waiting for the dollar's rate to increase further, thus reducing the haircut ratio.

The Central Bank of Lebanon states that the volume of the money supply in Lebanese pounds in the market ranges between 53 to 54 trillion Lebanese pounds, or about $600 million, a figure under the full control of the Central Bank, which increased its reserves from the end of July until today by $900 million, bringing the reserve volume to $9.458 billion.

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