New official exchange rate of LL15,000 to the dollar as of February 2023

New official exchange rate of LL15,000 to the dollar as of February 2023

| Wednesday 23 November 2022

L'Orient Today

Banque du Liban circulars regulating bank withdrawals will adopt the new official exchange rate of LL15,000 to the dollar as of February 2023, central bank chief Riad Salameh said Monday. BDL circulars enabling citizens to withdraw from their accounts at various exchange rates — none of which is anywhere near the parallel market exchange rate — still offered a higher rate than the old official rate of LL1,507.5. Salameh added that there are plans for the same period to only have two exchange rates in force: the upcoming official rate of LL15,000 and the rate set by the BDL exchange platform Sayrafa, which as of yesterday was around LL30,000, almost LL10,000 lower than the parallel market rate. The governor capitalized on his first media appearance in months to reaffirm the status of BDL’s foreign exchange reserves, offer a positive forecast for economic growth and boast about his achievements in mitigating the crisis while shifting the blame for it.

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