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President Michel Aoun, Governor of the Banque du Liban, Riad Salameh, called for the need for rigor to curb speculation on the price of the Lebanese pound and to clean up the banking sector, during a meeting held yesterday between Salameh and the president’s financial adviser 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 (yesterday) between Salameh and Cordahi “to see the measures taken by the ruler to put an end to the rise. 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 start work on the electronic platform that belongs to it so that all transactions are recorded and become the main reference of the real market price.” The decision of the Banque du Liban, according to the statement, included “allowing banks, starting next week, to operate in currencies as legitimate exchangers and record transactions at the real price on the platform, provided that the Banking Control Commission does a monitoring of the smooth running of the work “
The statement added that the Banque du Liban would intervene “to absorb liquidity when necessary, until the exchange rate is controlled according to known mechanisms.”
It is noteworthy that the exchange rate of the dollar against the pound increased by 15,000 pounds last Tuesday, for the first time, to fall again in the last two days, and today it reached 10,200 Lebanese pounds. The rise in the dollar exchange rate sparked a series of popular protests and road blocks in all Lebanese regions. It also led to an unprecedented rise in food prices and a decline in the purchasing power of the Lebanese.
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