Confusion Reigns after Shura Council 'Lollar' Payment Verdict

  • Economics
Confusion Reigns after Shura Council 'Lollar' Payment Verdict

The Shura Council has effectively suspended the Central Bank’s circular instructing Lebanese banks to pay LL3,900 for each US dollar to customers with foreign currency accounts and instead asked the lenders to pay the full amount in fresh dollars based on the official rate of LL1,507.

According to legal experts, the Shura Council’s decision is mandatory and cannot be appealed or challenged.

A source told The Daily Star that Central Bank Gov. Riad Salameh has not yet officially received the Shura’s decision through the proper channels and hence the banks will continue using the lollar (LL3,900) payment until they are instructed by BDL to suspend the payment in the old fashion.

Read the Full Article at the Daily Star: https://bit.ly/3g9ojc6

Source: The Daily Star