Lebanon’s Central Bank issued a statement on Sunday claiming that they’re working on a plan with the banks to repay up to $25,000 in “fresh” dollars covering deposits done before Oct 17 2019. The payments will be done in all available foreign currencies and should start by June 30 2021.
We all want to believe that this is a good thing, but it’s still not clear how the Central Bank will pay back dollars and where from. More importantly, it’s still not clear who is eligible for these payments and what will happen to the remaining dollars in our accounts, especially with the Sayrafa platform coming out.
Personally speaking, I think it’s yet another bluff that will allow banks to decide who gets what or simply will never materialize because there are no dollars left. Until then, people are still being forced to withdraw their dollars at LL3900 and lose over 60% in value to make ends meet.
Let’s wait and see.