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The financial and economic expert, Nassib Ghobril, stressed that “in the event that the mandatory reserve is released, it must go back to the banks and not benefit from it in terms of support.”
In an interview with the daily Al-Sharq Al-Awsat, he explained that “after the mandatory reserve funds return to the banks, if the governor of the Banque du Liban requests it, they can deposit them in the Central Bank to be used in matters of subsidies, but the funds must return to Banks in case of their liberalization. “He pointed out that” the mandatory reserve is not to ensure the continuation of support, since the world’s central banks use this reserve to withdraw or inject liquidity into the markets, increasing or decreasing its percentage “.
Ghobril pointed out that “the Banque du Liban is almost the only bank in the world that has support for basic materials, since the support must be included in the general budget and paid by the state treasury.” He believed that “the difficult economic conditions Lebanon is going through require that responsibility be shared between the bank and the executive authority, but the Bank of Lebanon is the only one that bears the issue of support.” He stressed, “The need to create a new support mechanism, especially since a large part of the subsidy money goes to merchants, in addition to the smuggling of subsidized materials abroad.”
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