The central bank has decided to withdraw its circular 151 allowing the withdrawal of dollar accounts in Lebanese pounds at the parity rate of 3,900 LL / USD, following the decision of the Shoura council. As a reminder, the Lebanese court considered this circular to be illegal, presenting an attack on private property and considered that it was necessary to allow the withdrawal of foreign currency in according to the wording of the accounts.
From now on, the withdrawal of dollars is possible at the rate of 1507 LL / USD either at the official rate and no longer of 3 900 LL / USD, thus imposing a greater discount on dollar accounts, or at 83% of the sums deposited with banking establishments local.
Observers note that, for the Banque du Liban, it is a question of avoiding the bankruptcy of most of the local banks which no longer have sufficient liquidity to repay their customers facing informal capital controls put in place. by the Association of Banks in Lebanon from November 2019.
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