The Banque du Liban headquarters in Beirut. (Credit: João Sousa/L'Orient Today)
BEIRUT — Banque Du Liban extended, for the 12th time in a row, its main Circular No. 161 on Wednesday, allowing depositors to withdraw US dollars from their Lebanese lira accounts at the central bank's Syrafa exchange rate.
Circular No. 161 is among the main measures regulating banking restrictions the country since 2019. It limits, without being authorized by a capital control law, depositors' access to their foreign currency accounts as the Lebanese lira continues its freefall.
This rate reached LL31,200 to the dollar Wednesday, while the rate on the parallel market continues to break records, exceeding LL46,500.
The dollars exchanged under Circular No. 161 are provided directly to banks by BDL at the Sayrafa rate and are drawn from the country's foreign exchange reserves, whose exact level is not known.
At the same time, BDL on Wednesday also extended its Circular No. 151 until June 30, 2023. This measure allows depositors with restrictions on access to their foreign currency accounts to withdraw small amounts set by the banks in lira each month at a rate determined by BDL. Still set at LL8,000 to the dollar, this rate is expected to be raised to LL15,000 as of Feb. 2023, according to BDL governor Riad Salameh.