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Lebanon is experiencing the worst economic and financial crisis in its history: the price of the dollar (8,400 pounds) is manipulating the lives of the Lebanese.
The economic expert, Nassib Ghobril, confirmed in an interview with “Lebanon Debate”, that “one of the reform measures that the next government must take is to develop a mechanism to unify the dollar exchange rates in the Lebanese market”, noting that “this will not happen only with words and promises, but as part of a plan.” Complete and comprehensive reform in conjunction with negotiations with the International Monetary Fund and with the gradual start of pumping liquidity to Lebanese markets.
Regarding the crisis in the banking sector and the possibility of a bank merger, Ghobril considered that “this is a cost for banks in the current situation in mid-November, and the Bank of Lebanon issued Circular No. 154 in August and requested the Banks will increase their capital by 20% in February 2021, and the Central Bank announced Banks that do not meet these standards will own them, and this is not the first time that the Central Bank of Lebanon owns one or more banks.
Regarding the deposits held in banks, Ghobril noted that “deposits are still present, and the evidence is that people can exchange and transfer from one account to another within Lebanon. They can also withdraw cash and pay with checks. and payment cards “.
He said: “It is true that depositors cannot dispose of dollars, and that is why we are in crisis. What is required today is that the new government distribute the losses fairly and prevent the depositor from charging more than what he receives today.” .
Regarding the possibility of Banque du Liban lifting subsidies on basic products, Ghobril emphasized that “the problem with subsidies is that they benefit importers, leading to warehousing and smuggling. Therefore, the support mechanism it should be changed to target only poor families in need, and this happens via smart card or ID card. “
In conclusion, Ghobril announced that “the longer we delay the reform process, the greater the cost to the economy, the private sector and the Lebanese citizen, and the evidence is that the size of our economy was during 2019.”
$ 53 billion, and the International Institute of Finance estimates the volume at $ 30 billion in 2020, which means there is almost $ 24 billion in losses in 2020. “
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