The new in the exchange rates, is the price approved by some banks in the application of one of the new products, which is expected to start work on next Monday, April 27, and which is to withdraw the fresh money and double its value through a special account. Here is the new work mechanism for some banks:
In the context of the banks ’attempt to attract new money, especially dollars, some major banks have worked on a new banking product to be launched within days, based on opening a special account for the customer or a special account and the latter depositing a sum of money in dollars, the bank doubles the amount by multiplying it by 2 .1, 2.2, or even 2.5 in proportion to the size of the amount, and dealing in the account is limited to paying bank checks or paying installments titled in dollars only, but the bank has no objection to withdrawing the customer the double amount in Lebanese pounds.
An illustrative example
To clarify the idea, for example: The customer deposited Jad (a fake name) $ 10,000 in the bank, and signed a contract to take advantage of the new service, at which time the bank multiplied the amount by 2.2 and the $ 100,000 in Jad bank account turned into $ 22,000, provided that he did not have the right A grandfather can withdraw the amount in cash in dollars, but he can use it with bank checks or pay installments, and he can withdraw it in Lebanese pounds. But at what exchange rate will it be withdrawn? A banking source believes that “one of the banks” will adopt an exchange rate of 3000 liras to the dollar, so that a serious customer can withdraw his balance, i.e. 22,000 dollars, in Lebanese pounds on the exchange rate of 3000 liras and get 66 million liras in cash.
In this case, the bank would have received the new dollars, and the customer would have received more cash in Lebanese currency than he would have had if he had disbursed the 100,000 dollars at the cashier. The result is that the bank indirectly disbursed serious dollars (10,000 dollars) according to an exchange rate of approximately 6,600 pounds per dollar.
The products that banks provide to attract new funds in dollars, and the adoption of the mechanism mentioned above, would put them in the face of money changers in competition for exchange operations and attracting the dollar. Its result will be nothing more than an increase in the dollar exchange rate and a further decline in the pound.
Platform and remittance companies
As for the dollar exchange rate, which was determined by the Directorate of Monetary Operations at the Bank of Lebanon, in the daily bulletin today, Friday, for cash transfers received from outside Lebanon at 3625 Lebanese pounds, the banks consider themselves not concerned with it. According to a banking source, the banks are awaiting the announcement of the Bank of Lebanon to officially start work on the electronic platform, and to announce a daily exchange rate through it. Until then, banks will continue to deal with depositors at a price of 2,600 liras per dollar.
In another context, and despite the setting up of the Directorate of Cash Operations in the Bank of Lebanon, the dollar exchange rate is at 3,625 pounds, to be applied in all money transfer companies, i.e., online money transfer (OMT), Bob Finance (BOB Finance), Cash United. Money Express, and Online Cash International (OCI), some agents of those companies insist, according to the “cities” information, to deal according to an exchange rate of approximately 3500 pounds or 3550 pounds and not 3625 pounds, trying to gain the price difference without the right .
As of today, Friday, the money transfer institutions are obligated to hand over the transfer owners their money in Lebanese pounds only, in implementation of a previous circular issued by the Bank of Lebanon, in which the value of any electronic cash transfer in foreign currencies received from abroad is restricted to the Lebanese pound, according to the market price.