BDL extends circular allowing banks to buy dollars via Sayrafa

The central bank has extended the implementation of Circular 161 until the end of July, allowing banks to continue to purchase dollars via the Sayrafa platform, Central Bank Governor Riad Salameh announced on Wednesday.

The circular, which has been in place since January, allows commercial banks to buy U.S. dollars from the central bank with the Lebanese pounds that they or their clients have, based on an exchange rate specified by the Sayrafa platform, which is usually lower than that of the black market.

The implementation of the circular had led to a recovery of the Lebanese pound on the black market but the dollar exchange rate began surging again in recent days.

According to MTV, some banks were not allowing clients to benefit from the circular on Wednesday morning.