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BEIRUT: The Lebanese pound was little changed Monday, trading at LL13,450 against the dollar, as banks and customers awaited a Central Bank circular detailing its plan to allow depositors to withdraw up to $400 a month plus the equivalent amount in local currency.
Black market exchange dealers said they were buying the dollar for LL13,400 and selling it for LL13,500, compared to an average LL13,500 Saturday.
The pound has lost nearly 90 percent of its value over the past 20 months, with the crisis pushing some 55 percent of the population under the poverty line.
The Central Bank said Friday depositors with accounts active as of October 2019 would be able to withdraw up to $400 a month plus the equivalent amount in local currency at the rate of the Sayrafa platform. It said it would issue details of the plan Monday.
Banks had locked depositors out of their dollar accounts and blocked transfers abroad since the country was gripped by a financial crisis in late 2019.
Under a Central Bank circular issued last year, depositors were permitted to withdraw limited funds from their dollar accounts, paid in the local currency, but only at a rate of 3,900 pounds to the greenback.
When the circular was issued last year Lebanon's black market rate was around half of what it is now. Lebanese account holders who withdraw at the 3,900 pounds rate are now taking a loss of about 70 percent on their funds and there have been calls for the Central Bank to raise the rate.
Political paralysis is also complicating efforts to halt the economic meltdown with fractious political leaders unable to agree a new Cabinet capable of implementing reforms required to unlock foreign aid.
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