Buying and selling dollars between the “Bank of Lebanon” and the money changers … Here are the details

The Bank of Lebanon issued a statement announcing that the “Special Commission to Combat Money Laundering” was convened on May 5, 2020 and decided to lift the confidentiality of the transactions that took place with the money changers to provide them to the Public Prosecutor.

The statement added: “After reviewing the special unit in the Directorate of Monetary Operations that handles currency trading operations, especially the dollar, according to the exchange rate, and after reviewing the cash / currency restrictions that are carried out 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 exchangers “YES”.

Total purchase of US dollars by the “Bank of Lebanon” for one Lebanese pound // 11,300,000 // (eleven million and three hundred thousand dollars).

He explained that “it is evident, and after looking at the amounts mentioned, that, contrary to what was rumored, there was no manipulation in the exchange market as a result of the operations of” Banque du Liban “, knowing that the amounts mentioned are for a one-month period and not because of the magnitude of fluctuations in cut prices during this period. “

The statement stressed that “the Bank of Lebanon will continue to pump the cash dollars it acquires through banks to finance the import at a price of 3,200 LL per US dollar, with the aim of reducing food prices.”

He concluded: “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 raw materials for the industry. ”