BDL Sets Deadline for Banks, Licensed Traders to Prepare for Electronic Platform

  • Economics
BDL Sets Deadline for Banks, Licensed Traders to Prepare for Electronic Platform

The Central Bank Monday gave commercial banks and licensed exchange dealers an April 16 deadline to prepare for the electronic exchange platform.

BDL made these requests in two separate circulars which were released amid a sharp rise in the rate of the US dollar against the Lebanese pound after President Michel Aoun and Prime Minister-designate Saad Hariri failed to agree on the formation of the Cabinet.

The Lebanese pound fell against the dollar on the black market Monday, trading for around LL13,500.

After trading for around LL11,550 earlier in the day, black market exchangers were buying the greenback for around LL13,400 and few were selling it for 13,600, though, in an ominous sign, most were not selling it.

Last week, the Central Bank decided to launch its own electronic currency exchange platform to register all transactions with the help of the commercial banks and licensed exchange dealers.

 

Source: The Daily Star