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Central Bank of Lebanon: The foreign exchange trading platform will be launched next week

The Central Bank of Lebanon announced the completion of the necessary arrangements to launch the electronic platform for trading in US dollars and foreign currencies in the Lebanese currency market, starting next week.


The Central Bank stated in a statement today, Wednesday, that the Central Council of the Banque du Liban, according to its session held today, on the circulars and regulatory decisions related to the electronic platform established by the Banque du Liban under the name of (banking) and to disclose trading in the Lebanese monetary market, and it was discussed and emphasized on providing capabilities for the success of Platform.


"These circulars will be communicated upon completion to the Minister of Finance, to work in coordination with him on launching this platform, starting next week. All banks and money changers affiliated to it will be able to use this platform," he added.


The platform to be launched by the Central Bank of Lebanon aims to try to stop the deterioration in the exchange rate of the Lebanese pound against the US dollar, to curb the rapid decline in the exchange rate of the national currency and to stop speculation on it.


The exchange rate of the Lebanese pound witnessed a major and continuous collapse against the dollar in the parallel "black" market recently, as the price reached nearly 13 thousand pounds to the dollar, at a time when the official exchange rate is 1500 pounds, in addition to the existence of a second platform for the Central Bank in which the exchange rate is set at 3900 liras.


The collapse of the Lebanese national currency exchange rate caused a great disruption in the movement of commercial and economic activity in Lebanon, and a widespread high cost of living that led to protest movements that erupted from time to time in various parts of the country, as well as a significant decline and decline in the work of commercial activities.