(Credit: AFP)
BEIRUT — After gaining value at the end of last week, the Lebanese lira dropped again on Tuesday, exceeding LL32,000 to the dollar on the parallel market.
Here’s what we know:
• The lira reached an all-time low on Friday, hitting LL37,000 to the dollar, before climbing to around LL28,000 in the late afternoon following a statement issued by Banque du Liban advising all residents and companies looking to buy US dollars with their lira to head to banks on Monday and fill in the required applications. BDL also indicated that in line with Circular 161 there would be no limit set on currency exchanges.
• On Monday, commercial banks started receiving applications from clients looking to convert their lira to US dollars in line with the central bank’s instructions. Bank sources, however, told L’Orient Today that their institutions have started accepting requests from personal account holders but not from commercial ones. They also noted that currency exchange transactions they are offering are subject to limits, contrary to what the central bank announced on Friday.