BDL Issues Statement Criticizing Platforms and Applications for Manipulating the Lira’s Exchange Rate

  • Economics
BDL Issues Statement Criticizing Platforms and Applications for Manipulating the Lira’s Exchange Rate

 Lebanon’s central bank issued a statement Friday criticizing online applications and platforms that provide the parallel market exchange rate for the Lebanese lira as inaccurate and manipulative. The statement claims that the accurate value of the lira against the dollar is the rate published daily on Banque du Liban’s exchange platform, Sayrafa, and not those rates published by other “suspicious and illegal” platforms.

Here’s what we know:

    • BDL’s statement came a day after the lira’s exchange rate with the US dollar for the first time surpassed LL25,000 on the parallel market.

    • The statement explained that the other platforms providing the lira rate do not represent the “real market” and claimed these platforms have “political and business interests” and are “similar to a stock market.”

    • BDL also claimed that security forces and judicial authorities “are tracking down these platforms following orders from the government.”

    • BDL added that it will follow this file abroad and said that it has asked “worldwide internet companies to remove these applications,” adding that it will hold “Facebook and Google” and other companies responsible for these applications which “harm Lebanon.”

    • On Thursday BDL’s Sayrafa rate was LL19,500 to the dollar.

Source: L'Orient Today