The circulation of the Banque du Liban creates chaos in the money market and the dollar is falling in front of the

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The circulation of the Banque du Liban creates chaos in the money market and the dollar is retreating against the lira

A strong decline in the exchange rate of the dollar (Hussein Baydoun / New Arab)
The circulation of the Banque du Liban creates chaos in the money market and the dollar is retreating against the lira

Beirut – The New Arab

March 6
                            2020

Since the circulation of the Central Bank of Lebanon’s circular, before Friday noon, about setting a ceiling for the price of the dollar that does not exceed 30% of its official price, the money exchange market in Beirut has witnessed a complete chaos with which it is no longer easy to obtain a close exchange rate of the dollar against the lira that jumped so strongly The price of selling the dollar reaches 2000 pounds and buying it 1990 pounds.
After the dollar was traded at a price that reached a maximum of 2700 pounds during the past few days, with its price remaining above 2650 pounds this morning, it witnessed a dramatic deterioration to less than 2000 pounds in some cases, with a large variation in prices at the cashiers who face a great shock by reducing the price of a stock From the green coin they collected over several weeks at high prices.In parallel to the significant decline in prices, trader Taher Hussein told “Al-Arabi Al-Jadeed” that many cashiers accept collecting dollars from the market at low prices, and the dollar is not sold in return to those who want merchants and citizens except at high prices that still exceed 2300 pounds until the afternoon Today.

And it was Central Governor, Riad Salama, Has issued an intermediate circular bearing the number 546 directed exclusively to exchange institutions, related to the decision of the intermediary No. 13207 date Friday, amending the applied system of the law regulating the exchange profession attached to the basic decision No. 7933 of September 27 subject of the basic circular of exchange institutions No. 3.

The resolution obliges all exchange institutions, under penalty of applying legal and administrative penalties, to abide, exceptionally, by a maximum of the purchase price of foreign currencies against the Lebanese pound, not exceeding 30% of the price determined by the Bank of Lebanon in its dealings with banks. It is noteworthy that the average official price is currently 1507.5 pounds, while the price of the dollar in the parallel market (at the cashiers) reached 2700 pounds. The decision also prohibits exchange firms from conducting any exchange that does not take into account the above-mentioned percentage (30%), and prohibits them from adopting margins between the selling price and the purchase price of foreign currencies outside the usual customs.
The decision also prohibits these institutions from “stopping the practice of exchange operations of all kinds, so that the movement of these operations remains in line with the pattern of activity it used to do during the previous two years (2018 and 2019), under the risk of being removed from the list of exchange institutions.”

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