The end of this month of July, the date of the end of the mandate of the Governor of the Banque du Liban, Riad Salameh, is a pivotal point in the lives of the Lebanese. But wait, what awaits the people after Salameh, and in light of the receipt of the four deputies of the ruler, will never be better than what it is today.
If we want to predict what will happen in the near future, we can only stop at the statement of the Deputy Governor of the Third Banque du Liban, Salim Shaheen, who explicitly declared that a banking platform cannot be completed with what it is today, and research is underway on the possibility of launching another for trading in new currencies, In association with Bloomberg or Reuters.
next equation
Informed sources confirm, through the “bulletin”, that the situation we are heading towards is dangerous, as the deputies of the Central Governor criticize a banking platform and talk about what is new in which the Banque du Liban does not interfere, that is, canceling “exchange”, and this simply means liberalizing the exchange rate of the currency, and therefore the Lebanese pound. It will be left to the whims of the speculators, which means that anyone can move the market simply, it is sufficient to use a large amount to manipulate.” According to the sources, “the equation that the deputies of the governor reached is either monetary chaos or the enactment of a law in Parliament to harm the compulsory reserve.” “!.
In the past years, the deputies of the Governor of the Banque du Liban were his partners, attending the meetings of the Central Council and approving of the platform’s work, according to what the sources confirm, pointing out that they “did not even register a reservation about its work, and it is surprising that they came today to say that they did not agree,” revealing That “the reason may be the information that was circulated recently about that the deputies of the ruler, specifically the deputy governor of the First Bank of Lebanon, Wassim Mansouri, pledged before the Monetary Fund to cancel the platform to liberalize the exchange rate,” stressing that “this matter is very dangerous and has an increase.” Crazy for the dollar, and therefore devastating for the people.”
Basic banking business
If we look at the work of the platform that is currently underway, we find that Salama intervened through it every time he was going crazy with the dollar, and through it the governor of the Central Bank funded the state and circulars 158 and 161, as well as the public sector. The question today is, “If the governor’s deputies stop the platform, how will they be funded?”
Last Saturday, Lebanon witnessed, without any reason, a rise in the dollar to more than 11,000 pounds, and this was a sample of what the Lebanese were witnessing and what could happen after the end of July. Gas stations in several regions closed their doors and prices suddenly rose in supermarkets, all in a simple dollar game in a short time, but the question is why? In this context, economist Jassem Ajaka points out that “several hypotheses were put forward for the dollar’s rise, the first of which was that some banks resorted to buying large amounts of dollars from it.”
reason for the rise
Ajaka expresses his belief that “the reason is that merchants who pay fees and taxes in pounds in cash took positions (buying or selling), in other words, they converted the money they had in pounds into dollars, and so if the dollar does not rise, they can simply convert it into pounds,” pointing out in At the same time, he pointed out that “this game may include a political message, specifically with regard to the issue of the displaced, meaning that if you want to return them to Syria, this is what will happen.”
The deputies of the Governor of the Banque du Liban plead that they did not previously agree to a banking platform, and the challenge is to show their reservations in the minutes of the Banque du Liban meetings today, and they are definitely present if they did it, and they certainly did not. But the most dangerous of all is that if we continue with the path of the deputies of the ruler, we will turn to the tutelage of the International Monetary Fund over us. What is certain is that the exchange rate cannot be liberalized today, because that will affect the lives of the Lebanese, and it will inevitably be the final blow to them.
In short, it does not matter who will take over after Salameh, whether a new ruler or the deputies of the ruler or others, but the equation is simple: either we keep money exchange and then we will be facing stability for months, or we stop working with it and then we will be faced with a choice of two, either monetary chaos, and this is what It appears with the choice of the governor’s deputies, or to go towards harming the compulsory reserve, and this matter needs a cover that cannot be easily secured!
2023-07-18 00:01:11
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