Lebanon to allow deposits of $3,000 or less withdrawn in pounds

Lebanese currency is counted on a machine at an currency exchange shop, in Beirut. (File photo: AP) credit ap

Lebanon’s central bank said on Friday that deposits of $3000 or less can be withdrawn in Lebanese pounds at the “market” rate, according to a central bank circular.

Lebanese banks have imposed tight curbs on dollar withdrawals amid an acute hard currency shortage.

The circular did not define the market rate. The Lebanese pound has slumped on a parallel market in recent months by nearly 50 percent versus an official pegged rate of 1507.5 pounds to the dollar.

Last Update: Wednesday, 20 May 2020 KSA 10:06 - GMT 07:06