US dollar trading at 2,825 Lebanese pounds

The U.S. dollar Tuesday traded between 2,800 and 2,850 Lebanese pounds in the exchange market.

“The price of the dollar did not change drastically today despite the circular of BDL to set up an electronic platform to determine the price of the dollar,” one exchange dealer told The Daily Star.

He added that the exchange dealers are willing to abide by the official rate displayed in the platform.

A source at BDL said Monday the Central Bank will ask all commercial banks to set the rate of the dollar at L.L.2,600 to allow customers with deposits of $3,000 or less in the foreign currency to withdraw their money at close to the market rate.

In addition, accounts with up to L.L.5 million in Lebanese currency will be augmented to reflect an increment equal to the difference between the official dollar rate and close to the market rate.

“Customers with such accounts have to apply to the banks so the latter can process their requests. Once the banks make all the preparations, the customer can go to the ATM and withdraw their money at the rate of L.L.2,600,” the source told The Daily Star on condition of anonymity.

The exchange dealer stressed that the price depends on the supply and demand.

“We are not too happy by the rise of the dollar against the lira. But many Lebanese still don’t have much faith in the local currency and for this reason they rush to sell their dollar banknotes above the official rate set by BDL,” the dealer said.

The official dollar rate remains 1,507.50 pounds.