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Money transfer agencies ordered to pay in LBP only.

Summary: All money transfer offices must pay cash wired electronically from abroad to the recipients in Lebanese pounds only and not in U.S. dollars, Lebanon's Central Bank announced Monday.

BEIRUT: All money transfer offices must pay cash wired electronically from abroad to the recipients in Lebanese pounds only and not in U.S. dollars, Lebanon's Central Bank announced Monday.

The decision, which is effective immediately, came via a circular released by the Central Bank.

The Central Bank provided no reason for the decision.

A source told The Daily Star that one of the reasons behind this decision could be to encourage the use of the national currency.

"The money transfer offices will probably convert the dollars they have to the Lebanese pound and this will increase demand for the national currency," the source explained.

A source told LBC TV that this decision will not affect money transfers to Lebanese commercial banks.

However, it is not clear what money transfer offices will do with dollars they receive from abroad.

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Publication:The Daily Star (Beirut, Lebanon)
Geographic Code:7LEBA
Date:Jan 15, 2019
Words:185
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