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BDL takes action to restrain sharp rise in exchange rate

News Bulletin Reports

30-01-2023 | 13:16

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BDL takes action to restrain sharp rise in exchange rate

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The Lebanese pound exchange rate hit a high of LBP 48,000 on January 13 and LBP 63,000 on January 27. The highest rate since the currency depreciation started, this surge equaled 32.3 percent within only 14 days.

These figures prompted the Banque du Liban (BDL) to take action in an attempt to find mechanisms to slow down the dramatic rise in the exchange rate.

These mechanisms were on the agenda of BDL Central Council, which convened under the leadership of Governor Riyad Salameh.

Thus, some sources said the meeting was fruitful, and its positive results will appear successively through the intensive efforts of many parties concerned with the exchange rate.

These sources also pointed out that the judiciary's efforts to deter speculation include the arrest of illegal money changers
Moreover, the meeting discussed the issue of Sayrafa platform, especially the requests that are still pending in the banks. And the council confirmed that each file should be addressed separately to make the appropriate decision.

Some sources also indicated that Sayrafa's exchange rate would remain as it is (LBP 38,000), noting that any expected change in this rate will be linked to the policy that may be followed to limit the rise in the exchange rate in the country.

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