Sources monitoring the meetings of the Central Council at Lebanon's Central Bank indicated that the meetings will remain open until the new official exchange rate of 15,000 Lebanese pounds for the dollar takes effect at the beginning of February. The sources revealed to MTV that the Governor of Lebanon's Central Bank is planning to announce a comprehensive plan that includes decisions and circulars aimed at controlling the exchange rate in the black market and significantly reducing the amount of cash in Lebanese pounds in circulation.
Additionally, the meeting discussed the issue of loans and the direction to settle all loans taken in dollars starting from early February based on the rate of 15,000 pounds. This arrangement is solely for residents in Lebanon, while expatriates will be required to repay dollar loans in fresh dollars. The sources pointed out that dollar housing loans will be repaid in what is known as "lolars" or in Lebanese pounds based on the rate of 15,000 pounds to the dollar, which essentially means a definitive farewell to the exchange rate of 1,500 pounds.
The sources announced that "a series of circulars will be issued gradually until the beginning of February that will restore order to the mechanism for benefiting from the Sayrafa platform, including adjustments to previous circulars concerning banking withdrawals and the mechanism for repaying loans."
