Salame Issues Statement to Withdraw All Lebanese Lira from the Market

Lebanon's Central Bank Governor, Riad Salame, announced an open and continuous operation to purchase Lebanese banknotes and sell dollars in cash at the Sayrafa rate. He stated that the Sayrafa rate is set at 90,000 L.L. for each dollar starting from March 21, 2023. In the statement, he mentioned that the public can exchange cash lira with Category A money changers or active banks and receive dollars after three days. He clarified that all transactions will be recorded on the Sayrafa platform, and banks resuming operations after their strike can participate in this process. The aim of this operation is to reduce the increase in the lira's exchange rate in the parallel market and to maintain the value of deposits in local dollars. Salame added that this is in accordance with the Currency and Credit Law and articles 75 and 83, and has the approval of the caretaker Prime Minister and Finance Minister, Youssef Khalil. In a press statement, Salame explained that the decision made today aims to withdraw all Lebanese lira from the market, affirming that the Central Bank has the capability to do so. Regarding the method of purchasing dollars in exchange for lira, he said, “Simply, citizens should go to the nearest Category A money changer, recognized by everyone, or to banks that have not closed their doors.” The central governor stressed his insistence on implementing this decision for the benefit of citizens' purchasing power.