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Withdrawal and loans: Effects of exchange rate fluctuations between LBP 15,000 and 25,000
News Bulletin Reports
2024-02-20 | 12:31
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Withdrawal and loans: Effects of exchange rate fluctuations between LBP 15,000 and 25,000
Report by Lea Fayad, English adaptation by Yasmine Jaroudi
What is the difference between the dollar exchange rate of LBP 15,000 and 25,000 when individuals withdraw their trapped dollars from banks?
Previously, banks allowed withdrawals of up to LBP 15 million per month at a rate of LBP 15,000 per dollar. This meant a reduction of 1,000 "Lollars" from the account balance each month, with the LBP 15 million being subject to a substantial loss or "haircut" of around 84% compared to the market exchange rate of LBP 89,500 per dollar.
With banks raising the exchange rate to LBP 25,000, they maintain the same withdrawal limit, meaning individuals can still withdraw a maximum of LBP 15 million monthly.
However, the value of the withdrawn amount will decrease from 1,000 "Lollars" to 600 "Lollars," which results in a reduced loss with a lower "haircut" by up to 72%.
Regarding loans, individual loans in dollars, such as car loans or personal loans, if you could repay them to the bank at LBP 15,000 and not in dollars, it will now be required to repay them at the rate of LBP 25,000 per dollar.
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