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.



US State Department Approves $30 Million in Funding for Gaza Humanitarian Foundation

 Palestinians carry humanitarian aid packages near the Gaza Humanitarian Foundation distribution center operated by the US-backed organization in Khan Younis, southern Gaza Strip, Thursday, June 26, 2025. (AP)
Palestinians carry humanitarian aid packages near the Gaza Humanitarian Foundation distribution center operated by the US-backed organization in Khan Younis, southern Gaza Strip, Thursday, June 26, 2025. (AP)
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US State Department Approves $30 Million in Funding for Gaza Humanitarian Foundation

 Palestinians carry humanitarian aid packages near the Gaza Humanitarian Foundation distribution center operated by the US-backed organization in Khan Younis, southern Gaza Strip, Thursday, June 26, 2025. (AP)
Palestinians carry humanitarian aid packages near the Gaza Humanitarian Foundation distribution center operated by the US-backed organization in Khan Younis, southern Gaza Strip, Thursday, June 26, 2025. (AP)

The US State Department has approved $30 million in funding for the Gaza Humanitarian Foundation, the State Department said on Thursday, calling on other countries to also support the controversial group delivering aid in war-torn Gaza.

"This support is simply the latest iteration of President Trump's and Secretary Rubio's pursuit of peace in the region," State Department deputy spokesperson Tommy Pigott told reporters at a regular news briefing.

Reuters was first to report the move earlier this week.

Washington has long backed the Gaza Humanitarian Foundation diplomatically, but this is the first known US government financial contribution to the organization, which uses private for-profit US military and logistics firms to transport aid into the Palestinian enclave for distribution at so-called secure sites.

Since Israel lifted an 11-week aid blockade on Gaza on May 19, allowing limited UN deliveries to resume, the United Nations says more than 400 Palestinians have been killed seeking aid from both the UN and GHF operations.

Earlier this month, GHF halted aid deliveries for a day as it pressed Israel to boost civilian safety near its distribution sites after dozens of Palestinians seeking aid were killed. It says there have been no incidents at its sites.

The foundation’s executive director, Johnnie Moore, an evangelical preacher who was a White House adviser in the first Trump administration, said in a post on X on Thursday that the group has delivered more than 46 million meals to Gazans since it began its operations in May.

Some US officials opposed giving any US funds to the foundation over concerns about violence near aid distribution sites, the GHF's inexperience and the involvement of the for-profit US logistics and private military firms, four sources told Reuters earlier this week.

The United States could approve additional monthly grants of $30 million for the GHF, two sources said, all of whom spoke on condition of anonymity.

In approving the US funding for the GHF, the sources said the State Department exempted the foundation, which has not publicly disclosed its finances, from an audit usually required for groups receiving USAID grants for the first time.

There is an acute shortage of food and other basic supplies after the nearly two-year military campaign by Israel that has displaced most of Gaza's two million inhabitants.