The black market dollar is falling apart after the launch of the “banking” platform .. What do we know about it so far? | Policy

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The Central Bank of Lebanon has launched a “banking” platform, which will secure the sale and purchase of foreign cash currencies, specifically the dollar, at a price that determines the supply and demand directed to banks and money changers to buy and sell dollars in the market, provided that these operations are available to traders, importers, and institutions as well as to ordinary individuals, subject to insurance. Specific documents and information, and that the Banque du Liban intervenes when necessary to control fluctuations in the exchange market prices, bearing in mind that the price will be determined by market movement, in an attempt to limit speculation and control the dollar, according to what a banking source explained to Al-Liwaa.

The source explained that the electronic platform was launched from the Banque du Liban, but the technical readiness of banks and money changers has not been completed until now.

The Banque du Liban did not specify the exchange rate of the dollar that would be adopted to make this platform through which banks would be allowed to “secure the commercial and personal needs of their clients, regardless of their capacity, according to the supply and demand in the market.” It is not allowed to buy and sell directly through the book of bank accounts, rather, operations are limited to paper money in pounds and dollars.

The launch of the platform led to a decline in the dollar against the pound on the black market by nearly 300 pounds, after it had reached 12,775 pounds in the morning against one dollar.

People may ask what is the difference between this platform and the “banking” platform that the Central Bank of Lebanon announced last June. The answer is that the difference is big.

Circular No. 5, which was issued in June of 2020, set a fixed price for the platform, which is 3,900 pounds, while the dollar rose in the black market in a crazy way that exceeded the ceiling of 14 thousand pounds, and therefore the margin was very wide between the price of the black market and the price of the platform that no one intended because it was not available in it. Dollars to buy, while the price on this new platform will be mobile, the BDL will move it daily according to supply and demand.

The sources added that unless the banks cooperate, the situation will not be comfortable, neither in terms of controlling monetary operations, nor in terms of restoring confidence in the banking sector.






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