Old dollar banknotes are causing confusion among the Lebanese, What is the story of the $100?
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Roshan Amiri
- . December 9, 2021
- . Update: December 10, 2021 12:06 pm
Lebanon–Lebanese money changers who refuse to accept old $100 bills, known as “white notes,” are causing confusion, especially after some people were charged an additional $5 fee for exchanging $100 bills for white currency.
These operations have increased in the past two days as a result of rumors that the old $100 bill is no longer valid, which caused concern among many people who rushed to exchange their old dollars for new ones.
However, the banks confirmed that the old $100 banknote is legal and under American laws, it does not expire and is valid for use and replacement with the American Federal Bank. This was confirmed by sources at the American Embassy in Lebanon, saying, “The banknotes are valid regardless of the date of their issuance.” However, despite this, some banks have stopped accepting this category in the recent period due to the citizens’ reluctance to accept it.
It was learned that banks have stacked quantities of old banknotes due to the closure of a company that is covered with red wax by Judge Ghada Aoun, and it is the only company that was authorized to collect old dollars and ship them abroad to exchange them for new dollars.
Mahmoud Murad, former head of the Syndicate of Money Changers, said : “This fake news has been circulating in the Lebanese financial market for almost a week now. We neither know its source, nor who invented it. The problem is that people believe anything in Lebanon.”
The Association of Banks in Lebanon announced that ” Lebanese banks deal with banknotes without any amendments to existing procedures, consequently no extra fees is charged for accepting 100$ banknotes.” OMT Exchange also stated that it “has not stopped accepting white $100 bills, if they are in good condition, and no additional fee is charged however, banknotes that are torn, burnt, yellowed, or partially damaged are not accept by OMT .”
