ABL RECOMMENDS LBP 2600 AVERAGE USD EXCHANGE RATE FOR SMALL DEPOSITORS

 The Association of Lebanese Banks (ABL) on Wednesday recommended the adoption of LBP 2600 as an average exchange rate per USD for transactions performed by small depositors with accounts not exceeding $3000 US dollars or LBP 5,000,000 pending the activation of an electronic platform, which will be responsible for setting the LBP exchange rate against the USD in the market.

In another statement issued on Wednesday, ABL said that Beirut Reference Rate (BRR) was reduced to 5.75 percent for USD and to 7.75 percent for LBP, making clear that this was down from 9.35 percent for USD and 12.45 percent for LBP at the start of the year.

The reduction in the reference rate for lending came after Central Bank circulars sought to ease the burdens of borrowing and stimulate economic activity amid the current circumstances, according to the ABL’s statement.

Source: National News Agency

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