Lebanon Banks to Sell US dollars at Approved Rate Starting Next Week

Starting March 28, Lebanon's banks will be able to sell the local currency for US dollars and vice versa, based on the rate decided by the central bank's "Sayrafa" platform, according to the central bank.

It stated in a statement that the volume of currency traded at banks will be unrestricted.

Until March 29, fuel imports will be based on an exchange rate of 22,200 Lebanese pounds per dollar, according to the statement.

According to the central bank, the average exchange rate on Sayrafa on Thursday was 22,150 pounds per dollar.

In January, the central bank began enabling commercial banks to buy unlimited amounts of US dollars on its Sayrafa platform, a move that aided the pound's recovery from a low of $1.30.