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“Prices can change daily and will be determined the day before,” said the source at the central bank, adding that the rate was based on the price that the dollar had registered at the exchange offices.
The source added: “In the event of large fluctuations during the day, prices can be set again on the same day.”
Given the shortage of dollar supply, the Central Bank of Lebanon said earlier this month that money transfer services operating outside of commercial banks should spend cash in local currency “at market price.”
Earlier this week, the central bank said that depositors who want to withdraw funds from dollar accounts in Lebanon must also collect them in local currency according to the “market price”, which is stipulated within the limits approved by the bank in question.
Bank sources said they expect the exchange rate applied to these withdrawals to be close to the exchange rate set by the central bank for money transfer companies. Banks, currency traders and the central bank will meet on Monday to make a decision.
On Thursday, Lebanese Parliament Speaker Nabih Berri called on the government to use its legal powers to stop the “dramatic collapse” of the Lebanese pound before it is too late.
Finance Minister Ghazi Wazni told Al-Jumhuriya newspaper that the decline “cannot be explained economically, financially or critically” and that what happened “is strong speculation and market manipulation.”
He added: “This has increased the fear and anxiety of citizens, which has led to an increase in demand for the dollar.”
The Money Exchange Union announced Tuesday night that they would start a strike until Monday “to warn of the continuing deterioration of the Lebanese pound exchange rate.”
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The new exchange rate applies to funds sent through bank transfer offices, which many Lebanese use abroad to send money to their families within the country.
The Lebanese pound has decreased in the parallel market since October, when the country’s financial difficulties, which have been brewing for a long time, reached their climax, causing a financial and banking crisis that is considered the greatest threat to stability since the civil war that took place between 1975 and 1990.
Authorities are still applying a formal pound to the pound at $ 1507.5 for basic imports of fuel, wheat, and medicines, in an effort to curb rising inflation in the import-dependent country.
“Prices can change daily and will be determined the day before,” said the source at the central bank, adding that the rate was based on the price that the dollar had registered at the exchange offices.
The source added: “In the event of large fluctuations during the day, prices can be set again on the same day.”
Given the shortage of dollar supply, the Central Bank of Lebanon said earlier this month that money transfer services operating outside of commercial banks should spend cash in local currency “at market price.”
Earlier this week, the central bank said that depositors who want to withdraw funds from dollar accounts in Lebanon must also collect them in local currency according to the “market price”, which is stipulated within the limits approved by the bank in question.
Bank sources said they expect the exchange rate applied to these withdrawals to be close to the exchange rate set by the central bank for money transfer companies. Banks, currency traders and the central bank will meet on Monday to make a decision.
On Thursday, Lebanese Parliament Speaker Nabih Berri called on the government to use its legal powers to stop the “dramatic collapse” of the Lebanese pound before it is too late.
Finance Minister Ghazi Wazni told Al-Jumhuriya newspaper that the decline “cannot be explained economically, financially or critically” and that what happened “is strong speculation and market manipulation.”
He added: “This has increased the fear and anxiety of citizens, which has led to an increase in demand for the dollar.”
The Money Exchange Union announced Tuesday night that they would start a strike until Monday “to warn of the continuing deterioration of the Lebanese pound exchange rate.”
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