Will the Bank Dollar Be Raised to 12,000 Lira?

Informed banking sources mentioned to "Al-Masry Al-Youm" that the circular number 151 issued by the Central Bank of Lebanon may be amended after the exchange rate of the dollar in the parallel market has risen to over 30,000 lira, which has led to a decrease in withdrawals based on the exchange rate of 8,000 lira. This amendment is attributed to "a significant number of banks starting to allow depositors to convert more than $1,000 per month, which gives the impression of a potential increase in the exchange rate of the dollar adopted in the circular to more than 8,000 lira, with some discussing the possibility of raising it to 12,000 or 15,000 lira." Banks had previously adopted the same approach when the bank dollar was raised from 3,900 lira to 8,000 lira, linked to the increase in the customs dollar to new levels, noting that pricing based on 8,000 lira implies a "haircut" on the deposits held in banks.