Lebanon’s Central Bank says e-money transfers to be paid in Lira at market rate

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The circular reverses an earlier decision from the central bank ordering electronic money transfer exchanges to pay out transfers in foreign currency.

by Annahar Staff -Source: Annahar

A file photo of Lebanon’s central bank (AP)

BEIRUT: All incoming electronic money transfers  in foreign currency will be paid in Lebanese lira “at market rate,” according to a new circular released by Lebanon’s Central Bank.

The central bank had previously ordered that electronic money transfers be paid in lira at the official exchange rate but reversed the decision after it lead to a significant drop in remittances.

The latest decision comes at the heels of the Lebanese pound plunging to its lowest ever level on the parallel market, losing more than 50 percent of its value.

Currency exchange shops across Lebanon were selling the dollar for L.L.3,100 and buying it for around L.L. 3,050.

Lebanon is facing its worst economic and financial crisis in decades, with a dollar scarcity forcing both the central bank and commercial banks to take extreme measures to preserve whatever liquidity they have left.

 

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