Central Bank's roadmap: Navigating financial stability with unified dollar exchange rate

Central Bank of Lebanon's sources confirmed that there is now a unified exchange rate for the US dollar in Lebanon, which is 89,000 Lebanese lira. 

The Central Bank will work to maintain stability at this rate, primarily relying on limiting the supply of Lebanese lira in the market, which is currently estimated at 55 trillion.

The first to be affected by this unified rate were public sector employees who incurred a slight loss, as they received their salaries this month at the rate of LBP 89,000 instead of the previous LBP 85,500 per dollar, known as the Sayrafa rate, which the Central Bank has canceled.

Despite the confirmed increase in the public sector salaries in the last government session, it did not materialize. 

Adopting a unified exchange rate for the dollar and incorporating it into the 2024 budget has placed the Central Bank of Lebanon in a resolution regarding Circular 151. 

This circular allowed depositors to withdraw $1,600 at a rate of LBP 15,000 per dollar, equivalent to LBP 24 million. Consequently, this circular is no longer applicable.

Central Bank sources confirmed no plans to issue further circulars specifying the dollar exchange rate and withdrawal limits. This matter is now within the jurisdiction of the executive and legislative authorities.