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
27
o
Mount Lebanon
26
o
Metn
26
o
Keserwan
26
o
North
28
o
South
24
o
Bekaa
25
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Ramadan Talk
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
27
o
Mount Lebanon
26
o
Metn
26
o
Keserwan
26
o
North
28
o
South
24
o
Bekaa
25
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In a separate circular, it said deposits of $3,000 or less could be withdrawn in Lebanese pounds at a "market" rate, allowing small depositors to cash out despite tight banking controls.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
13:35
Breaking news: Israeli aircraft hits cafe in Naqoura
Lebanon News
13:35
Breaking news: Israeli aircraft hits cafe in Naqoura
0
Sports News
2024-03-21
World Cup Asian qualifiers: Match between Lebanon and Australia ends with a 2-0 victory for the host, Australia
Sports News
2024-03-21
World Cup Asian qualifiers: Match between Lebanon and Australia ends with a 2-0 victory for the host, Australia
0
Sports News
2024-03-21
2026 FIFA World Cup qualifiers: The match's first half ends with the Australian team leading the Lebanese team 1-0
Sports News
2024-03-21
2026 FIFA World Cup qualifiers: The match's first half ends with the Australian team leading the Lebanese team 1-0
0
Lebanon News
2024-03-21
Israeli warplanes break sound barrier over Nabatieh and Iqlim al Tuffah, NNA reports
Lebanon News
2024-03-21
Israeli warplanes break sound barrier over Nabatieh and Iqlim al Tuffah, NNA reports
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
News Bulletin Reports
12:29
Escalation in the Northern Israel: Rockets, Tensions, and Negotiations
News Bulletin Reports
12:29
Escalation in the Northern Israel: Rockets, Tensions, and Negotiations
0
Middle East News
2023-09-09
Lebanese Embassy in Morocco Plans Blood Donation Campaign in Collaboration with Moroccan Health Ministry
Middle East News
2023-09-09
Lebanese Embassy in Morocco Plans Blood Donation Campaign in Collaboration with Moroccan Health Ministry
0
Lebanon News
15:39
At least eight fatalities reported in Israeli strikes on southern Lebanon, according to Reuters sources
Lebanon News
15:39
At least eight fatalities reported in Israeli strikes on southern Lebanon, according to Reuters sources
0
News Bulletin Reports
2024-03-25
Safety concerns: Interference with Lebanon's navigation system causes 'panic' on flight to Beirut
News Bulletin Reports
2024-03-25
Safety concerns: Interference with Lebanon's navigation system causes 'panic' on flight to Beirut
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
Lebanon News
14:25
Five killed, including Hezbollah fighters, in an Israeli strike in southern Lebanon: Reuters sources
Lebanon News
14:25
Five killed, including Hezbollah fighters, in an Israeli strike in southern Lebanon: Reuters sources
2
Lebanon News
13:35
Breaking news: Israeli aircraft hits cafe in Naqoura
Lebanon News
13:35
Breaking news: Israeli aircraft hits cafe in Naqoura
3
Lebanon News
15:39
At least eight fatalities reported in Israeli strikes on southern Lebanon, according to Reuters sources
Lebanon News
15:39
At least eight fatalities reported in Israeli strikes on southern Lebanon, according to Reuters sources
4
News Bulletin Reports
13:41
Calm shattered: Israeli attack kills seven paramedics in Habbariyeh - Here are the details
News Bulletin Reports
13:41
Calm shattered: Israeli attack kills seven paramedics in Habbariyeh - Here are the details
5
Lebanon News
02:44
Ministry of Energy urges TotalEnergies to deliver Block 9 drilling results report: LBCI Sources confirm
Lebanon News
02:44
Ministry of Energy urges TotalEnergies to deliver Block 9 drilling results report: LBCI Sources confirm
6
Lebanon News
13:59
LBCI sources affirm 'positive advancements' in US-mediated talks for Lebanon-Israel conflict resolution
Lebanon News
13:59
LBCI sources affirm 'positive advancements' in US-mediated talks for Lebanon-Israel conflict resolution
7
Israel-Gaza War Updates
05:05
Over 1.1 million in Gaza face 'extreme' food insecurity: UN reports
Israel-Gaza War Updates
05:05
Over 1.1 million in Gaza face 'extreme' food insecurity: UN reports
8
Lebanon News
16:17
UN Palestinian Refugee Agency suspends teacher in Lebanon
Lebanon News
16:17
UN Palestinian Refugee Agency suspends teacher in Lebanon
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