Lebanese banks set new exchange rate for small accounts, central bank source says
Lebanese banks are to apply an exchange rate of 2,600 pounds per dollar for withdrawals from small accounts of up to 5 million Lebanese pounds, a central bank source said on Monday, in the implementation of a new circular issued on Friday.
Lebanon is still applying an official peg of 1,507.5 pounds to the dollar for bank transactions and critical imports, the governor said on Friday.
But the circular issued on Friday said deposits of $3,000 or less could be withdrawn in Lebanese pounds at a “market” rate, allowing small depositors to cash out despite tight banking controls. It also allowed for the paying out of deposits of 5 million Lebanese pounds or less.
A senior banking source said this rate would be fixed on a weekly basis and had this week been fixed at the 2,600 rate.
Lebanon banks to work with central bank to set daily FX rateLebanon’s commercial banks will work with the central bank to determine a daily exchange rate for dollars under a new FX trading system being launched ... Economy
Coronavirus: Lebanon reports one new fatality, death toll rises to 18Lebanon reported one new coronavirus fatality, raising the virus-related death toll in the country to 18, the Ministry of Health announced on ... Middle East
Unidentified gunmen assassinate Hezbollah official in southern Lebanon: FarsIran’s semi-official Fars News agency reports the assassination of Hezbollah official Mohammed Ali Younis in southern Lebanon by unidentified ... Middle East
Coronavirus: Lebanon moves to release inmates from overcrowded prisonsOver the past few weeks, riots have broken out in Lebanon’s dangerously overcrowded prisons as fears rise over what a coronavirus outbreak inside the ... Features