BDL Official Rate vs Market Rate in Lebanon (89,500)
Lebanon has two dollar rates that people quote: the official rate published by Banque du Liban (BDL), today 89,500 LBP, and the market rate that exchangers pay, today 89,400 buy / 89,700 sell. Since late 2023 they have been close enough that many people treat them as one number. They are still used for different things, and the difference matters when you pay a tax, import goods, get paid in lira or deal with a bank.
How we got to 89,500
| Period | Official rate (LBP per USD) | What happened |
|---|---|---|
| Dec 1997 – Jan 2023 | 1,507.5 | Fixed peg. After 2019 it no longer matched any real market. |
| 1 Feb 2023 | 15,000 | First change in 25 years. The market was already several times higher. |
| March 2023 | 15,000 (Sayrafa much higher) | The market rate peaked near 111,000 around 18 March. |
| Dec 2023 | 89,500 (Sayrafa) | BDL set its Sayrafa platform rate at 89,500, in line with the market. |
| 2024 onward | 89,500 | BDL treats it as the unified official rate. Customs, taxes and many public bodies adopt it. |
Between 2019 and 2023 Lebanon ran several rates at once: the old peg, a "bank dollar" (the lollar) for withdrawals, the Sayrafa platform rate, a customs rate and the street rate. Most of that is gone. What remains is one official reference, 89,500, and a market rate that has hovered around the same level since mid-2023.
Where the official rate is used
The official rate is an accounting and administrative number. You meet it when an amount set in dollars has to become lira on paper, or the reverse.
- Customs. Imported goods have been valued for customs at 89,500 since December 2023. Duties are calculated on that basis.
- Taxes and VAT. When an invoice is in foreign currency, VAT (11%) and other taxes are converted at the official rate. The 2026 state budget was also converted at 89,500.
- Social security (NSSF). In February 2024 the NSSF adopted 89,500 for converting salaries paid in foreign currency, which sets the base for contributions.
- Bank balances and statements. BDL expects banks to use 89,500 in their accounts. The old 15,000 "lollar" rate used for withdrawals under Circular 151 ended with that circular at the end of 2023.
Where the market rate is used
The market rate applies whenever real cash changes hands:
- changing dollars to lira, or lira to dollars, at a licensed exchanger;
- paying in a shop, restaurant or taxi that quotes in dollars but accepts lira, or the reverse;
- fuel stations, which price the 20-litre tank in lira using a dollar rate stated in the ministry's own price table;
- private salaries and rents agreed in dollars and paid partly in lira.
If you hold cash, the market rate is the one that decides what your money is worth.
Worked examples
All numbers below are examples, chosen to show the method.
1. Customs on a parcel
Say a shipment is valued at $400 for customs and the duty rate on that product is 5%.
- Value in lira at the official rate: 400 × 89,500 = 35,800,000 LBP.
- Duty: 5% × 35,800,000 = 1,790,000 LBP.
The calculation starts from the official rate. Actual duty rates depend on the product, so ask your customs broker.
2. A salary declared to the NSSF
An employer pays $1,000 a month. For NSSF purposes it is converted at 89,500, so the declared salary is 89,500,000 LBP, and contributions are worked out on that lira figure.
3. Paying a public fee vs changing cash
A fee is set at 4,475,000 LBP. At the official rate that is exactly $50. If you change dollars at an exchanger with an example buy rate of 89,400, you need:
4,475,000 ÷ 89,400 ≈ $50.06
The gap between the official and market rate costs you about 6 cents here. Since 2023 the gap has been small, so the difference rarely matters for small amounts. Before 2023 the same fee could have cost several times more depending on the rate used.
4. A dollar deposit
A depositor has $10,000 in a pre-2019 dollar account. On a statement converted at the official rate it shows as 895,000,000 LBP. That doesn't mean the bank will hand over that many pounds, or that many fresh dollars, on demand. Withdrawals from those accounts follow BDL circulars (Circular 158 and Circular 166 allow monthly fresh-dollar withdrawals for eligible accounts). The amounts have changed several times, so ask your bank for the current allowance.
Why the two rates are not exactly equal
Even when the official rate is 89,500, the market buy and sell rates sit slightly below and above it. Three reasons:
- The spread. Exchangers need a margin, so their buy is lower and their sell higher than any midpoint.
- Cash vs accounts. The official rate is used on paper. The market prices physical banknotes, with handling, security and risk.
- Daily demand. Seasonal demand (summer, holidays, diaspora visits) and news nudge the market. The official rate doesn't move day to day.
Our home page shows the official rate next to the market buy and sell rates, so you can see the gap at any time. Our history archive shows how it has behaved day by day.
Which rate should I use?
| You want to… | Use |
|---|---|
| Estimate customs, VAT or an official fee | Official rate (89,500) |
| Know how many lira you'll get for your dollars | Market buy (89,400) |
| Know how many dollars your lira will buy | Market sell (89,700) |
| Compare a price quoted in both currencies in a shop | Market rate |
| Read a bank statement in lira | Official rate (but check withdrawal rules) |
For quick conversions at the market rate, use our currency converter. For the background on how exchangers quote, read the Lebanese lira dollar rate explained.
Will the official rate change again?
Nobody can say. BDL has kept 89,500 since late 2023, and the market has stayed near it, but economists point out that the stability depends on tight lira supply and a largely dollarised economy. If BDL changes the official rate, customs, taxes and contributions will follow, and our page will show the new figure once it is published.