According to data provided by BDL, the size of Sayrafa transactions since the onset of the year and until January 11, attained $1.135 billion, i.e. the equivalent of LBP 43.13 trillion at the declared rate of LBP 38,000/USD. This figure represents some 44% of total Lebanese-Pound denominated deposits and currency in circulation M1 which stood at LBP 97.08 trillion as at end of year 2022. The bulk (80%) of the transactions was performed in the first three days, with the size of transactions remarkably dwindling since the onset of the week as BDL placed restrictions on corporate transactions, and some LBP 100 million cap on individual transactions. Finally, it is worth noting that the BDL initiative succeeded initially in lowering the black market exchange rate from around LBP 48,000 per USD to around LBP 42,000 per USD, yet the US Dollar exchange rate in the black market resumed its frantic rally against the Lebanese Pound in the last couple of days.