What is the fate of the Sayrafa exchange platform?

Lebanon Economy
2023-01-24 | 10:31
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What is the fate of the Sayrafa exchange platform?
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2min
What is the fate of the Sayrafa exchange platform?

Many customers are waiting to get dollars in exchange for Liras, which they deposited three weeks ago in their banks, specifically between January 9 and January 12, relying on the BDL circular related to the Sayrafa platform that allowed them to benefit from a ceiling of 100 million pounds per month.

The market dollar at the time was about 43,000 Lira. Today, it has become more than 54,000, which may incur huge losses to customers if BDL does not transfer the required dollars.

Banking sources complain that the quota in dollars that BDL used to give to banks has decreased a lot and that some banks have not received a single dollar from the Central Bank for two weeks. 

The banks ask: How do we want to make new requests on the platform in this situation? Why do we want to be facing customers?
What is the fate of this money? What is the future of the Sayrafa platform?

BDL sources say that the Central Bank is giving banks dollars according to requests that meet the conditions.

It has been shown in the recent period that several large merchants, banks, and bank managers have benefited from speculative banking operations to achieve pocket profits. 

That is why, according to the sources, the central checks the receipts that were requested from the banks, but this matter takes a lot of time. That is why there has yet to be an answer regarding the fate of the files or the money stuck in the banks.

BDL’s sources add that starting in February, the Sayrafa platform will operate with new controls to limit speculation. They set a ceiling of $300 per person per month, preventing merchants from benefiting from the platform.

Between the banks’ complaints and BDL’s response, there is no answer for people waiting for their money when experts warn that the Sayrafa platform is not practical.

As long as there is a difference between the Sayrafa exchange rate and the market price, there will always be speculation, and it is impossible to control it.

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