Lebanon Businessnews News

Exchange rate for dollar
withdrawals raised to LL3,850
Decision applies to deposits above $3,000
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The Central Bank (BDL) has raised the exchange rate of the US dollar for withdrawals from dollar deposits to LL3,850 from LL3,000.

The withdrawn amounts are paid in liras at this rate which applies to deposits above $3,000. ‘Fresh money’ transferred from abroad could be cashed in its own foreign currency.

Each Monday of each week, BDL sets this specific rate which is now increased for the first time since more than one month. On April 21, 2020, the Central Bank issued the related circular which is effective for six months starting from the issue date.

The decision to raise this exchange rate came after the price of the dollar reached unprecedented levels on the black market hitting LL8,000 on Monday, according to InfoPro Research.

Depositors can withdraw the full deposit but in small amounts on a monthly basis. In one bank, for instance, owners of deposits of less than $50,000 can withdraw the equivalent of $500 per month. Deposits between $50,000 and $250,000 could be withdrawn at the rate of $1,000 per month.
Reported by Shikrallah Nakhoul
Date Posted: Jun 29, 2020
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