Blog
Breaking: Non-Bank Institutions Can No Longer Give Out Dollars
According to a new circular issued by the Central Bank of Lebanon earlier today, non-banking institutions that carry out electronic financial transactions can no longer give out dollars to customers. Instead, they would have to settle all inward money transfers (money coming in from abroad) in Lebanese Lira at the market exchange rate.
These include services like OMT, Western Union, and Money Gram, which up until today, had still been giving out dollar bank notes for transfers received in dollars.
You can find the full circular here.
The decision is effective immediately.
BDL’s new circular: Inward electronic transfers through WesternUnion, MoneyGram, and other electronic exchange companies can now ONLY be received in LBP and according to market rate priced by BDL (now at 2600 per $) https://t.co/ZWwJenCEc8 pic.twitter.com/JDa0suizV3
— Lea Fayad (@LeaFayad) April 16, 2020
These include services like OMT, Western Union, and Money Gram, which up until today, had still been giving out dollar bank notes for transfers received in dollars.
You can find the full circular here.
The decision is effective immediately.