Lebanon Businessnews News

Forex counters set LL2,000
ceiling on dollar purchases
Dollar has been selling at LL2,050

at money changers at midday

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The Syndicate of Money Changers and the Central Bank (BDL) have agreed to put a ceiling of LL2,000 on the price at which foreign exchange dealers buy US dollars, the syndicate said in a statement.

Licensed foreign exchange (forex) dealers must abide by this decision starting from Jan. 22.

Those who violate the new ruling will be subject to administrative and legal sanctions by the concerned authorities, the syndicate said. It didn’t clarify how this decision will be implemented and didn’t identify the concerned authorities that will enforce it.

The Governor of the Central Bank had previously said that BDL has no authority over the price of the dollar at forex businesses. Law 347/2001 stipulates that the Governor can issue a decision to shut down forex counters or limit their operations temporarily if required amid exceptional economic and monetary conditions.
Reported by Shikrallah Nakhoul
Date Posted: Jan 22, 2020
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