[ad_1]
Under the headline “6 billion flew in 7 months”, writes Al-Akhbar: “Foreign currency reserves are at the center of the concerns dominating the discussions in the Central Bank of Lebanon and beyond regarding the issue. of subsidies and the adjustment or reduction of its mechanisms. Foreign currency reserves have begun to deplete at an accelerating rate. At the beginning of the current year until today, the BDL’s foreign currency reserves decreased by $ 6 billion to $ 18.5 billion after excluding $ 5.04 billion of Eurobonds that the BDL places in these reserves without any meaning. The problem with this major contraction is that 2.3 billion of them occurred in July alone, which means that depletion is accelerating Why this acceleration? Perhaps the most convincing answer lies in the fact that the Banque du Liban is delaying payments to finance the import of goods, accumulating them, and t at the same time it is depleting its reserves in ways that are not related to subsidies, that is, in the banks, and here is the biggest concern. It reached $ 23.2 billion earlier this year, and declined to $ 18.5 billion in July During this period, Goldman Sachs estimates that private spending capacity does not exceed $ 3.5 billion , which means Lebanese families do not have a consumption capacity that exceeds this ceiling, so where have the BDL precautions gone? The Banque du Liban has likely increased its lending to banks, especially large and wealthy banks. It is estimated that the Central Bank of Lebanon paid only $ 2.5 billion in support of its reserves for all types of commodities, while it depleted around 6 billion during the same period, leading to the conclusion that it lent to banks around $ 3.5 billion during this period, so the value of loans to banks would be $ 9.8 billion.
[ad_2]
