BDL: Exchange Platform Will Regulate Parallel Market

  • Economics
BDL: Exchange Platform Will Regulate Parallel Market

The Central Bank’s new electronic platform will eventually check the rise of the dollar against the Lebanese pound and regulate the parallel market, the head of BDL foreign currency unit Abbas Awada said Friday.

“The new platform launched by BDL aims to monitor the daily foreign currency exchange transactions and to determine the actual size of the parallel market (better known as the black market). If the supply of the dollars is bigger than the demand the rate must naturally go down” Awada told The Daily Star.

“We will not allow anyone to pile up dollar banknotes randomly for the sake of speculation. We are trying to end these practices,” Awada stressed.

The partners in the platform remained the same: the Central Bank, banks and money changers, with the difference of allowing banks to sell and buy dollars in cash, according to internal operational mechanisms, work, monitoring and control mechanisms, determined by the Central Bank.

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Source: The Daily Star