BEIRUT: Lebanon’s central bank on Friday said that depositors holding accounts active as of October 2019 would have access restored to $400 a month and its equivalent in Lebanese pounds.
The details regulating the decision, which will take effect from July 1, will be issued later, the bank said in a statement.
Riad Salameh, the governor of Lebanon’s central bank, said on Thursday that depositors could withdraw money from their dollar deposits in Lebanese pounds at a rate two and half times better than the official one.
The decision reverses an earlier stance and comes a day after panicked depositors lined up outside ATMs to withdraw as much as possible before a suspension of the preferential rate took effect.
The pound, pegged for 30 years at 1,515 to the dollar, is now trading at nearly 13,000 pounds to the dollar, according to the Associated Press.
Salameh reversed the decision less than 12 hours after banks started implementing the new circular issued by the state’s Shoura Council.
On Wednesday night, angry Lebanese took to the streets and destroyed ATMs across the country after they found themselves unable to make withdrawals.
Salah Hammouri: Israel deports Palestinian lawyer to France
Israel's interior ministry says it has deported a Palestinian-French human rights lawyer after accusing him of security threats. Salah Hamouri, 37, was escorted onto a flight to France by police early on Sunday morning, the ministry said. A lifelong resident of...
Najib Mikati promises justice for Irish UN peacekeeper killed in Lebanon
Lebanon is determined to uncover the circumstances that led to the killing of an Irish UN peacekeeper, caretaker prime minister Najib Mikati said during a visit to the headquarters of the UN Interim Force in Lebanon (Unifil) on Friday. Private Sean Rooney, 23, was...
US appeals court says lawsuit against Lebanese bank can proceed
A US court of appeals has ruled that cases against Lebanese commercial banks can be tried outside Lebanon, paving the way for more cases by depositors seeking to unlock their frozen funds. The court decision, issued on Thursday in a case brought by Lebanese depositors...
Submit your event
We will be happy to share your events. Please email us the details and pictures at email@example.com
P.O. Box: 311001 Independance, Ohio, 44131
+1 (216) 269 3272