[ad_1]
So far, the Banque du Liban has not issued an official decision on the response mechanism to the request of the National Social Security Fund that it presented to the governor, and the judge must preserve part of the value of the end-of-service compensation, which will increase by 2.6% after the collapse of the national currency by 80% and the loss of its value. However, all the atmosphere indicates that the Central Council of Banque du Liban is seriously studying this proposal, which was titled “Protection of the purchase value of compensation for termination of service”, and it is expected that a decision will be issued in this context in the coming days.
The Director General of the Social Security Fund, Dr. Muhammad Karaki, told Nidaa al-Watan that “the offer of the guarantee came in view of the measures previously taken by the Banque du Liban to support people with limited incomes and help them overcome the unprecedented crisis that the country is going through and limit its repercussions on the livelihoods of the insured, including those who stop working. “
In the event that the Central Bank approves this proposal, it is expected that “the mechanism will be as follows: the guaranteed person who receives end-of-service compensation in national currency can go to the bank from where the check was issued and deposit it there, then it will be converted to dollars according to the approved official exchange rate, which is 1515 pounds, to be returned. The exchange is made in accordance with the price of the electronic platform for withdrawals, which is set at 3,900 Lebanese pounds per dollar, and is withdrawn immediately. “
This comes in the form of Circular No. 148 on withdrawals previously issued by Banque du Liban for accounts of $ 3000 or £ 5 million.
As for those who have already withdrawn their “guarantee,” the National Fund, as Karaki stated, “expects to begin work on this proposal early this year. This is seen as an achievement that, if achieved, would give a positive ray of hope to the contenders who make up a third of the Lebanese people, that’s why they don’t sit down. ” The implication is that the harvest of his life evaporated due to the collapse of the lira exchange rate.
Karaki is counting on the Central Council of the Banque du Liban and the Governor for this initiative to respond to the hopes of the insured and allow them to continue and resist and improve their livelihoods and purchasing power in the face of this economic and financial dominance that increased poverty. in Lebanon at 55%, highlighting that “this step will have positive repercussions on families and will not inject liquidity into the country, move the economy and achieve a kind of social stability.”
Regarding the permissibility of the Banque du Liban to take this step, the former head of the Banque Control Commission, Samir Hammoud, considered that “there is some confusion about the relationship of the Banque du Liban with the fixing of prices and compensation for termination of the service”. He explained that “the Central Bank, with sensitivity towards policyholders, has allowed the transfer of savings in Lebanese pounds and compensation in dollars to protect the livelihood of Lebanese, but with a freeze on the amount for a period of one year or one year and However, it is in the mechanism that it is reported to convert the compensation of the Lebanese into dollars according to the price of 1515 pounds and withdraw it immediately. ” The price of 3,900 pounds would increase the money supply in the market, “expressing its support” to protect depositors’ accounts, especially those in national currency.
[ad_2]
