The Lebanese Central Bank issued on Wednesday the following statement:
"The Central Bank affirms its keenness to protect the rights of depositors in foreign currencies in parallel with other depositors in Lebanese pounds and the rest of the Lebanese society, which is suffering from the repercussions of the current crisis.
Accordingly, the Central Bank reminds of the delicacy of the financial situation in light of a government vacuum that lasted more than a year and the decrease in cash flows of foreign currencies from abroad as a result of Lebanon’s announcement that it would not pay its foreign debts.
Therefore, based on the available financial and monetary data, adjusting the dollar exchange rate in Circular No. 151 will have significant repercussions on the monetary mass and the dollar exchange rate in the absence of a comprehensive economic and financial plan, which we hope will be developed as soon as possible.
Accordingly, the Central Council of the Central Bank has decided to extend the effect of Circular No. 151 to 31/01/2022 to give the government time to present its reform project. In parallel, Circular No. 158 was amended to allow depositors to benefit from Circulars No. 158 and 151 simultaneously in different banks, which allows for an improvement in the average exchange rate that depositors benefit from and increases their purchasing power."
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