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The Lebanese people appear “facing an invisible enemy”, and no one knows how to move. Therefore, according to financial expert Walid Abu Suleiman, a transparent central platform for trading should be established through the supervisory apparatus represented by the Banque du Liban to request in turn authorized institutions, be they banks or foreign exchangers, to regulate trade through them, in order to bring down exchange rate manipulation and speculation.
Every time a financial and economic meeting is held at the Baabda Presidential Palace, the local currency deteriorates more and more.
The meeting was held on the 7th of this month in the context that the dollar exchange rate reached 10 thousand pounds, and here it is, after 6 days, it touches 15 thousand, and the rope is on the tractor, and there are no indications to the contrary. This means that dealing with the crisis requires other types of decisions and options.
Noting that the action resulting from the Baabda meeting led to the reluctance of the money changers to sell dollars, and therefore there was a lack of liquidity that resulted in the manipulation of the exchange rate on the black market and a state of panic among the people who flocked to buy the originally lost dollar.
Lebanon is also known to face a structural problem, as it depends on the dollar to import around 90% of the country’s needs, as there is around $ 5 billion annually to support traders and importers.
Walid Abu Suleiman
The Lebanese people appear “in front of an invisible enemy” and nobody knows how to move. Therefore, according to financial expert Walid Abu Suleiman, a transparent central platform for trading should be established through the supervisory apparatus represented by the Banque du Liban. to in turn request authorized institutions, be they banks or exchangers, to regulate trade from Through them, in order to overthrow exchange manipulation and speculation.
And while Abu Suleiman indicated, through the agency “Akhbar Al-Youm”, that the Banque du Liban should play its role through exchangers and banks exclusively to regulate the market, he said: The dollar also moves according to rumors, And this is what creates panic among a group of people whose money is dissolving. Unprecedented height.
George grace
For his part, the vice president of the University of Wisdom, economist Professor George Nehme, expected the dollar to continue its flight towards high levels, saying: It is true that there is speculation, but what is happening has no explanation at an economic level. level, rather it is the result of panic and the total loss of confidence in the monetary situation, explaining that this daily increase in large proportions means that the operations of selling dollars are gradually stopped or delayed, in the hope that the “sellers dollars “earn more profit.
Nehme indicated, through the agency “Akhbar Al-Youm”, that the demand for the dollar is very high in all sectors: from the public sector for state financing, the last of which is the purchase of fuel, to the private sector for import … all the way to the citizen as a result of the intense anxiety and panic that he suffers.
Nehme pointed out that in parallel, the country at the political level “has fallen”, since there is no executive authority or government to take measures on the ground, and hence the demand to form a government, gain confidence and start its implementation in the next stage is still essential.
Considering that the country is in a political crisis, and what is happening is not surprising, Nehme stressed that responsibility is shared between what happens at the political level and the great pressure that is produced on the economy.
He concluded: There is no cap, and the higher the dollar, the more it sticks, and this is a closed loop … and therefore the longer the period, the greater the damage.
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