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Special money laundering authority: no money market manipulation
Friday
05/15/2020
The Special Authority to Combat Money Laundering met on May 15, 2020 and made the decision to lift the confidentiality of the transactions that took place with the money changers to provide them to the Attorney General.
And he confirmed that, “after reviewing the special unit in the Directorate of Monetary Operations that manages currency trading operations, especially the dollar, according to the exchange rate, and after reviewing the cash / currency restrictions that are implemented during the period from 8/4/2020 to 5/5/2020, where the following results:
The sum of the sales of a US dollar by the Bank of Lebanon for a Lebanese lira 12,705,000 (twelve million seven hundred five thousand dollars) of its origin / 470,000 // (four hundred seventy thousand dollars) to two class “B” exchanges “
The total purchase of US dollars by the Bank of Lebanon for a Lebanese pound // 11,300,000 // (eleven million and three hundred thousand dollars).
No further transactions with money changers were made after this date.
And it is evident, and after looking at the amounts mentioned, that, contrary to what was rumored, there was no manipulation in the foreign exchange market as a result of the operations of the Bank of Lebanon.
Please note that the quantities mentioned are for one month and not the volumes of fluctuations in the prices of the parts during this period.
The Banque du Liban will continue to pump the cash dollars it acquires through the banks, to finance the importation at 3,200 LBP. To the US dollar, with the aim of reducing food prices.
This is in addition to the efforts made by the bank to maintain price stability, especially fuel, medicines and flour, as a contribution to maintaining social stability in these difficult circumstances, in addition to the funds and mechanisms that were allocated to finance the raw materials of the industry.
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