Informed banking sources confirmed that all banks will start implementing the procedure announced by the Central Bank of Lebanon starting today. This procedure allows the Central Bank to purchase all Lebanese pounds in exchange for US dollars at a rate of 38,000 pounds for all citizens and companies without a cap on transaction values. This decision came after a mechanism was established for this measure, particularly concerning citizens and their funds, and the criteria under which the conversion from Lebanese pounds to US dollars will be accepted. Exceptions were also noted, such as banning currency exchange for fuel station owners and oil-importing companies, as they are now pricing fuels based on parallel market rates rather than the currency exchange rate.
While the Association of Banks confirmed that it did not object to the Central Bank Governor's decision, it allowed each bank to determine its own mechanism for implementing the statement, including setting withdrawal limits and operating days. Currency exchange operations vary from one bank to another, with some banks setting transaction caps around 100 million pounds, while others set limits up to 1 billion pounds, like Bank of Resources, which has seen increased demand from depositors during the New Year period.
Dr. Nahla Khadjad Bou Diab, the bank's CEO, mentioned that employees who were on leave requested to return to their positions to meet customer demands, and some branches continued operations until 10 PM. She noted that the bank extended working hours until 5 PM and allocated specific hours for clients of other banks, provided these clients presented personal identification papers proving they held accounts in other banks. Citizens are expected to start receiving their dollars by Tuesday or Wednesday at the latest, as completing the operation requires at least two actual working days.
