Judicial authorities are pursuing unlicensed currency exchange dealers and shops, the head of the Syndicate of Money Changers in Lebanon announced Tuesday.
Speaking after a meeting with Prime Minister Hassan Diab, Mahmoud Mourad added that “unlicensed shops have been shut down.”
“The judicial authorities are doing their job,” he told reporters.
Mourad, who headed a delegation at the talks with Diab, added that the meeting was held with the aim of informing the prime minsister of the role the syndicate is playing to address Lebanon’s challenging economic circumstances.
Last month, the syndicate announced that the buy rate for Lebanese pounds would be fixed at LL2,000 to the U.S. dollar.
It added that citizens could no longer bear the toll of unofficial rates that in recent weeks have soared above the LL1,515 peg to as high as LL2,500.
Many individual shops have refused to honour the syndicate’s pledge.
“The unlicensed dealers are not committing to this rate yet, and that is what is causing a dysfunction in the market,” Mourad said.
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