The Electronic Exchange Platform

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Text/ Section/2 B.O.L. No./5 Circular -6-30/2021

Important Circular for Currency Exchange Institutions No. 5

Please find attached the important decision numbered 13236 dated 10/6/2020 regarding the Electronic Platform for Currency Operations.

Beirut, June 10, 2020
Governor of Bank of Lebanon
Riad T. Salamé

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Important Decision No. 13236
The Electronic Platform for Currency Operations

Whereas the Governor of Bank of Lebanon, based on Article 70 of the Monetary and Banking Law, and based on Law No. 347 dated 6/8/2001 regarding the regulation of currency exchange operations in Lebanon, particularly Articles 13, 16, 18, and 19 thereof, and since it is necessary to regulate the operations conducted by currency exchange institutions in order to protect the stability of the Lebanese Lira without compromising the freedom of trading foreign currencies, and in light of the principle of continuity of public service, and based on the Governor's delegated powers in the absence of a permanent Acting Governor of Bank of Lebanon,

Decrees as follows:

Article One: Each currency exchange institution shall comply with the following:

1. Subscribing to the Electronic Platform for Currency Operations established by Bank of Lebanon, via registration on the electronic application named "Sayrafa" dedicated to this platform and specifically designed for tablets, which have been provided for this purpose to each currency exchange institution.
2. Designating one or more electronic tablets for operations within its headquarters and each of its branches, provided that the location of each tablet is specified on the "Sayrafa" application, and no purchase or sale operations for the US Dollar (or any other currency) are conducted outside the headquarters or branch designated to a specific tablet.
3. Determining and entering, via the "Sayrafa" application, the daily approved rate for trading in US Dollars (and any other currency that may be added later), before 9:00 AM of each working day, with the ability to modify this rate during the day.
   The official exchange rate is uniformly applied across the headquarters and branches of the currency exchange institution.

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Text/ Section/2 B.O.L. No./5 Circular -6-30/2021

4. When conducting any purchase or sale operation for the US Dollar (or any other currency that may be added later), immediately entering all required information about the operation clearly and transparently, and confirming it via the "Sayrafa" application.
   The required information includes: the date and value of the operation, customer identification and category (individual, legal entity, bank, currency exchange institution), name, phone number, and a copy of the identity document or a copy of the registration documents in the Commercial Register if it is a legal entity, and any other information that may be required later according to regulations issued by Bank of Lebanon.
5. Refraining from conducting any purchase or sale operation for the US Dollar (or any other currency that may be added later) without entering it into the "Sayrafa" application.
6. Entering daily cash balances for opening and closing the cash desk in Lebanese Lira and foreign currencies, daily, on the "Platform", so that the Foreign Currency Unit at Bank of Lebanon may verify this information.
   1 (Footnote) - This clause was added by Interim Decision No. 13337 dated 21/6/2021 (Interim Circular No. 587).
   2 (Footnote) - This Article was amended by Article One of Interim Decision No. 13326 dated 10/5/2021 (Interim Circular No. 583).

Article Two: Currency exchange companies registered with Bank of Lebanon shall buy and sell foreign currencies according to market supply and demand, provided that no margins between the selling price and buying price or any type of commissions are applied beyond customary practices, and in no case exceeding a maximum of 1% of the buying price.

Article Two (bis): Currency exchange institutions participating in the Platform may download the "Sayrafa" application user manual for clarification or inquiries regarding operation, as well as contact the phone number (78-980839) to obtain further information.

Article Three: The Currency Operations Department at the Banking Control Commission shall monitor the extent to which currency exchange institutions comply with the provisions of this Decision and follow up on any complaints from interested parties regarding this matter.

3 (Footnote) - This Article was added by Article Two of Interim Decision No. 13326 dated 10/5/2021 (Interim Circular No. 583).

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Article Four: Any currency exchange institution violating the provisions shall be subject to legal and administrative penalties, particularly those stipulated in Articles 16, 18, and 20 of Law No. 347 dated 6/8/2001.

Article Five: This Decision shall take effect as of June 23, 2020.

Article Six: This Decision shall be published in the Official Gazette.

Beirut, June 10, 2020
Governor of Bank of Lebanon
Riad T. Salamé

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