“Lollar” Bank Rate Raised To 8,000 LL From 3900 LL
During the summer of 2020, Lebanon’s Central Bank had set withdrawals of USD at a fixed exchange rate of 3,900 Lebanese Lira per dollar. Back then, the parallel market rate was around 4,200 LL.
Today, the Central Bank issued circular 601 which stipulates that this “lollar” rate be raised to 8,000 LL. This coincides with the rate hitting 25,000 LL in the parallel markets.
Withdrawals at this rate can be applied to up to 3,000 USD per month per account.
Despite the fact that this may seem attractive upon first glance, measures like this often lead to (even more) inflation.
And if you withdrew your USD limit yesterday on the 3,900 LL rate, the bank and Riad say hard luck.
