In January 2019, BDL restricted dollar trade by calling for all money transfer offices (such as Western Union) to only pay out cash in Lebanese Pounds (LBP) rather than US dollars, even if the transfer was made in the US currency.
Lebanon Restricts Dollar Trade.
In December 2019, BDL mandated that all FX transfers to Lebanese non-bank institutions (ie: OMT and Western Union) to be disbursed in that foreign currency and not in LBP, but today this was reversed and all money transfer offices have to pay out in LBP (wait for it) at the market rate.
What is the market rate? It is the one set by the currency exchange offices? by the banks? by the BDL? by the Union of Banks? By OMT Or Western Union? No one knows.
