News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
30
o
Mount Lebanon
32
o
Metn
31
o
Keserwan
31
o
North
31
o
South
30
o
Bekaa
31
o
Live
Video
Audio
Schedule
shows
العربية
watching now
La Ekher EL Omr
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
30
o
Mount Lebanon
32
o
Metn
31
o
Keserwan
31
o
North
31
o
South
30
o
Bekaa
31
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Lebanon central bank to unify parallel FX rate, let small depositors cash out
Breaking Headlines
2020-04-03 | 14:39
High views
Share
Share
Lebanon central bank to unify parallel FX rate, let small depositors cash out
Watch now
More details about online video viewing packages
3
min
Lebanon central bank to unify parallel FX rate, let small depositors cash out
Lebanon's central bank said on Friday it was launching a foreign exchange unit to centralize the price of dollars for money-changers, part of efforts to rein in the parallel market as hard currency runs short amid a deepening financial crisis.
In a separate circular, it said deposits of $3,000 or less could be withdrawn in Lebanese pounds at a "market" rate, allowing small depositors to cash out despite tight banking controls.
The measure could relieve many Lebanese depositors who have had to stand by as the value of their savings tumbled, hit by price hikes, a weakening currency and withdrawal caps as little as $100 a week.
While neither circular defined the "market" rate, analysts said it would likely reflect the parallel market, where the pound has traded around 2,800 pounds to the dollar, nearly 50% weaker than the official peg of 1,507.5 in place since 1997.
The currency has come under even more pressure during Lebanon's coronavirus lockdown, with banks halting access to already scarce dollars.
Central Bank Governor Riad Salameh told Reuters the peg would remain in place for bank transactions and critical imports - wheat, medicine, and fuel. "We will choose the dealers with which we transact. We work on banknotes only at market rate. We buy and sell," Salameh said of the new FX unit.
Two government sources said about 60% of all bank accounts would be allowed full withdrawal. The sources said dollar deposits covered by Friday's directive amount to some $350 million.
"This is a boost for small depositors, to their purchasing power," said Nassib Ghobril, chief economist at Byblos Bank.
Ghobril said the FX measures were a "temporary" fix to address liquidity problems until the government secures badly needed foreign aid under a broad rescue plan.
Last month, Lebanon declared it could no longer pay its hefty foreign debt and launched talks with creditors.
The currency has slumped since October, after capital inflows dried up and protests erupted against the ruling elite.
Authorities sought in recent weeks to enforce a rate of 2,000 pounds per dollar on the parallel market, now people's main source of cash. Traders still sold at higher rates, with some shut down.
Friday's measures also allow paying out deposits of 5 million Lebanon pounds or less. It said this would be done by converting the funds first to U.S. dollars at the peg and then to Lebanese pounds at the day's market rate.
REUTERS
To watch the full report, please click on the video above.
Breaking Headlines
Lebanon
Banks
BDL
Next
Grand Mufti Derian travels to Saudi Arabia for Hajj
Recommended For You
d-none hideMe
0
Lebanon News
16:03
Hezbollah announces launching 'dozens of rockets' at Israel in response to civilian deaths
Lebanon News
16:03
Hezbollah announces launching 'dozens of rockets' at Israel in response to civilian deaths
0
Lebanon News
2024-04-21
Breaking: Israeli airstrike hits Naqoura, reports NNA
Lebanon News
2024-04-21
Breaking: Israeli airstrike hits Naqoura, reports NNA
0
Lebanon News
2024-04-21
Shelling from Lebanon hits Western Galilee: Israeli Channel 12 reports
Lebanon News
2024-04-21
Shelling from Lebanon hits Western Galilee: Israeli Channel 12 reports
0
Lebanon News
2024-04-17
Israeli warplanes strike agricultural land near Baalbek: Three missiles launched
Lebanon News
2024-04-17
Israeli warplanes strike agricultural land near Baalbek: Three missiles launched
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Lebanon News
13:01
Two civilians, including a child, killed in Israeli airstrike on a home in South Lebanon
Lebanon News
13:01
Two civilians, including a child, killed in Israeli airstrike on a home in South Lebanon
0
News Bulletin Reports
2024-01-03
LBCI exclusive: Israel used GBU 39-B Small Diameter Bomb precision-guided glide bomb in Saleh al-Arouri's assassination
News Bulletin Reports
2024-01-03
LBCI exclusive: Israel used GBU 39-B Small Diameter Bomb precision-guided glide bomb in Saleh al-Arouri's assassination
0
News Bulletin Reports
12:30
Student Protests: Shaping US Political Landscape
News Bulletin Reports
12:30
Student Protests: Shaping US Political Landscape
0
World News
2023-11-17
UN expresses concern over ethnic killings in Darfur, Sudan
World News
2023-11-17
UN expresses concern over ethnic killings in Darfur, Sudan
Videos
d-none hideMe
0
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
0
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
0
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
0
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
0
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
0
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
0
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Most read
d-none hideMe
24 hours
7 days
Month
1
News Bulletin Reports
12:53
US lawsuit raises stakes for Lebanon's financial institutions
News Bulletin Reports
12:53
US lawsuit raises stakes for Lebanon's financial institutions
2
Lebanon News
16:03
Hezbollah announces launching 'dozens of rockets' at Israel in response to civilian deaths
Lebanon News
16:03
Hezbollah announces launching 'dozens of rockets' at Israel in response to civilian deaths
3
Lebanon News
03:39
MEA cancels flight amidst strike at Paris CDG airport
Lebanon News
03:39
MEA cancels flight amidst strike at Paris CDG airport
4
Variety and Tech
14:17
Yasmina Zaytoun's MBC debut on 'Sabah El Kheir Ya Arab': A catalyst for redefining beauty pageants in the Arab world
Variety and Tech
14:17
Yasmina Zaytoun's MBC debut on 'Sabah El Kheir Ya Arab': A catalyst for redefining beauty pageants in the Arab world
5
Lebanon News
02:07
Israeli army targets potential 'threats' in southern Lebanon, strikes Hezbollah's infrastructure
Lebanon News
02:07
Israeli army targets potential 'threats' in southern Lebanon, strikes Hezbollah's infrastructure
6
Lebanon News
09:28
Israeli Defense Minister claims: Half of Hezbollah's leaders in southern Lebanon killed
Lebanon News
09:28
Israeli Defense Minister claims: Half of Hezbollah's leaders in southern Lebanon killed
7
Lebanon News
06:24
Middle East Airlines to resume Paris flight despite strike
Lebanon News
06:24
Middle East Airlines to resume Paris flight despite strike
8
News Bulletin Reports
12:29
E-governance: Lebanon's Economy Ministry launches online services to expedite procedures
News Bulletin Reports
12:29
E-governance: Lebanon's Economy Ministry launches online services to expedite procedures
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