Lebanon: marches denounce financial policies and president asks to stop speculation on the pound sterling



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A march began yesterday in front of the Lebanese Ministry of Energy towards Riad El Solh Square in central Beirut, to demand a transitional government with exceptional powers.
Participants carrying Lebanese flags condemned the financial policies, calling for the formation of a government outside the framework of the ruling system.
The protesters carried slogans, including “No to the quota government and yes to an independent transitional government” and “Let’s continue the uprising to break the tyrannical system and prosecute it.”
The participants in the march called for the organization of early parliamentary elections and demanded that the leaders go away and recover the stolen or smuggled money, and build a social safety net that would ensure a dignified life for the Lebanese.
The popular protests had started since the beginning of this month of March, after the dollar exchange rate crossed the threshold of 10,000 Lebanese pounds, and included all Lebanese regions from north to south, east and Mount Lebanon, in addition to the capital Beirut and his country. southern suburbs.
The high exchange rate of the dollar on the black market caused an insane increase in the prices of consumer goods and a decrease in the purchasing power of citizens.
In a context related to Lebanon, President Michel Aoun called on the Governor of the Banque du Liban, Riad Salameh, to toughen speculation on the price of the Lebanese pound, during a meeting held yesterday between Salameh and the financial affairs adviser of the President Aoun, Charbel Qirdahi. .
A statement issued by the Information Office of the Presidency of the Republic said that, based on the directives of President Aoun, and after the financial, security and judicial meeting that took place in the Baabda Palace on Monday 8 In March, a meeting was held between Salameh and Cordahi “to see the steps taken by the governor to end the rise.” The unjustified exchange rate and suspicious speculation on the Lebanese pound.
The President of the Republic informed the governor of the Banque du Liban, according to the statement, “the need for rigor to curb speculation, clean up the banking sector and the determination to restore confidence so that Lebanon returns to a banking base in the region.”
For his part, the governor informed the “President of the Republic that the Central Bank decided to launch works on the electronic platform that belongs to it, so that all transactions are registered and become the main reference of the real market price.”
The Banque du Liban’s decision, according to the statement, included “allowing banks, starting next week, to trade in currencies as legitimate money changers and record transactions at the real price on the platform, provided that the Banking Control Commission follow on the good progress of the work. “
The statement added that the Banque du Liban will intervene “to absorb liquidity when necessary until the exchange rate is established according to known mechanisms.”
The high dollar exchange rate sparked a series of popular protests and road blockades in all Lebanese regions, as well as an unprecedented rise in food prices and a decline in the purchasing power of the Lebanese.
In addition, the Council of Europe asked in the letter from Cyprus to investigate information on the forced return of migrants who tried to reach the Mediterranean island from Lebanon in September, while Nicosia confirmed that it respected international law.
Dunia Mijatovic, Council of Europe Commissioner for Human Rights, wrote to Cypriot Interior Minister Nikos Norris in a letter dated 10 March: “I call on the Cypriot authorities to carry out independent and meaningful investigations” into this matter.
In the letter, Mijatovi said he had received information that “ships carrying migrants, including people likely in need of international protection, were unable to dock in Cyprus and were returned arbitrarily, sometimes violently.” He stressed that human rights must be “respected” even in times of the COVID-19 pandemic.
In a message published by the Council of Europe, the Cypriot minister responded on March 16 saying that Nicosia respected international and European law.
Norris wrote that “the Cypriot authorities prevented the illegal entry of Lebanese immigrants who were not seeking international protection and were able to return them safely to Lebanon,” referring to an agreement reached with the Lebanese authorities in September.
He added that 24 Lebanese seeking international protection were able to dock in Cyprus, but another 210 Lebanese were spotted at sea and returned to their country.
Since the closure of the “Balkan” migration route between Turkey and Europe in 2015, asylum applications in Cyprus have risen from 2,253 that year to 13,648 in 2019, according to the Interior Ministry.

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