Lebanese Central Bank Launches Electronic Platform for Foreign Exchange Transactions

The Central Bank announced on Friday the launch of the electronic platform specifically created to carry out foreign exchange operations.

“Money changers must carry out foreign exchange transactions through the “Sayrafa” (mobile application) electronic platform,” a statement released by the central bank said.

“In Friday’s trading, the price was set at 3850-3900 Lebanese pounds to 1$. Liquidity was secured and operations have taken place based on today’s trading,” added the statement.

The bank assured however, that the official exchange rate at banks remains stable at 1515 Lebanese pounds to $1. Adding that the central bank is not responsible for the trading at the parallel market (in violation of the new rules).