U.S. Dollar Rate to Lebanese Pound Records New Rise after BDL Circulars
The rate of one U.S. to the Lebanese pound hit a new high level on Saturday, one day after the central bank issued a circular that it was launching a foreign exchange unit at BDL to centralize the price of dollars for money exchange houses.
The rate of one dollar to the Lebanese pound reached 2,800-2,900 at money exchange houses on Saturday.
Central bank governor Riad Salameh issued two circulars Friday one of them that BDL was launching a foreign exchange unit to centralize the price of foreign currency, especially U.S. dollar, for money exchangers in light of a crunch liquidity crisis.
The second circular allowing small depositors to cash out and that deposits of $3,000 or less could be withdrawn in Lebanese pounds at “market” price.
It also permitted deposits of 5 million Lebanese pounds or less to be withdrawn.
04 April 2020, 16:02
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"The second circular allowing small depositors to cash out and that deposits of $3,000 or less could be withdrawn in Lebanese pounds at “market” price."
Expect inflation to skyrocket as a result; the dollar to reach unimaginable levels, and a lot of printing of local currency by the hezbollah government.
