Lebanon's Central Bank to Stop Bank Withdrawals from Dollar Accounts at Low Fixed Rate

A picture shows the value in Lebanese pounds of a 100 U.S. dollar bill on the black market exchange rate (1,500,000 LL) in Beirut, March 16, 2021. (AFP)
A picture shows the value in Lebanese pounds of a 100 U.S. dollar bill on the black market exchange rate (1,500,000 LL) in Beirut, March 16, 2021. (AFP)
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Lebanon's Central Bank to Stop Bank Withdrawals from Dollar Accounts at Low Fixed Rate

A picture shows the value in Lebanese pounds of a 100 U.S. dollar bill on the black market exchange rate (1,500,000 LL) in Beirut, March 16, 2021. (AFP)
A picture shows the value in Lebanese pounds of a 100 U.S. dollar bill on the black market exchange rate (1,500,000 LL) in Beirut, March 16, 2021. (AFP)

Lebanon's Central Bank said on Wednesday it would stop letting depositors withdraw money from dollar accounts at a fixed rate of 3,900 pounds per dollar, a rate far worse than on the black market but the only way many Lebanese had been able to access their funds.

Lebanese banks have mostly locked depositors out of their dollar accounts and blocked transfers abroad.

Under a central bank circular last year, depositors were permitted to withdraw dollars, with the funds paid in the local currency at a rate of 3,900 pounds to the dollar.

That is only around a third of the value of dollars on the black market.

The Central Bank statement did not make it clear if an alternative system would be introduced to allow access to dollars in accounts.



Jumblatt Hands Over Progressive Socialist Party Arms to Lebanese Army

Former Progressive Socialist Party leader Walid Jumblatt (Reuters)
Former Progressive Socialist Party leader Walid Jumblatt (Reuters)
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Jumblatt Hands Over Progressive Socialist Party Arms to Lebanese Army

Former Progressive Socialist Party leader Walid Jumblatt (Reuters)
Former Progressive Socialist Party leader Walid Jumblatt (Reuters)

Lebanon’s veteran Druze leader Walid Jumblatt on Thursday called on the Iran-backed Hezbollah group to hand its weapons over to the state, saying arms must be exclusively under government control.

Speaking at a news conference in Beirut, the former head of the Progressive Socialist Party said, “Weapons should only be in the hands of the Lebanese state,” adding that the Israeli-occupied Shebaa Farms, a long-disputed area on the western slopes of Mount Hermon, are Syrian territory.

Jumblatt’s appeal comes amid growing international calls for Hezbollah to disarm and for the Lebanese government to implement its longstanding pledge—reiterated in its ministerial statement and by President Joseph Aoun during his swearing-in—to ensure that only state institutions bear arms.

His remarks also come as Washington renews its push to resolve files with Syria, including border demarcation, as part of wider regional realignments.

“There’s a new chapter unfolding in the Middle East,” Jumblatt said. “If any Lebanese or non-Lebanese party possesses weapons, I hope they will hand them over to the state in a proper manner.”

He described “the most valuable weapon for future generations” as being one of “memory”—urging the country to pass down stories of resistance against Israel and its collaborators rather than stockpiles of arms.

Jumblatt said he had recently informed the president of the presence of weapons in his hometown of Mukhtara and asked the relevant security agencies to take over the matter. The arms, collected gradually since the May 2008 clashes between Hezbollah and his party, were fully handed over more than three weeks ago.

The arsenal, he said, consisted of light and medium-grade weapons that had been centrally gathered over the years.

He noted that Parliament Speaker Nabih Berri—himself a close ally of Hezbollah—remained a “friend and ally,” but added: “The issue of weapons has no bearing on Israel’s withdrawal from Lebanon.”

Hezbollah has long justified its arsenal as essential to liberating the Shebaa Farms and Kfar Shouba Hills, areas Israel did not vacate during its 2000 withdrawal from south Lebanon. In recent years, the dispute has expanded to include 13 border points and the northern section of the village of Ghajar, which Israel annexed in 2022.

“Shebaa Farms are covered under UN Resolution 242. It is Syrian land occupied by Israel,” Jumblatt said.

He urged support for the Lebanese army and internal security forces, stressing that Israel still occupies territory and that several Lebanese villages remain destroyed.

He also called for the full implementation of UN Security Council Resolution 1701, which ended the 2006 war between Israel and Hezbollah.

“In this round, Israel and the West have won with US backing,” he said. “But nothing lasts forever.”