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One economist says that people who still don’t believe their dollar deposits won’t come back should first ask why they can’t withdraw dollar money today. The answer is that there are no dollars in the banks anymore, and secondly, they have to understand that overall growth, if it occurs, will not return their deposits, but will lead to addressing the general budget deficit, and perhaps a surplus, And this matter has nothing to do with deposits.
The price of the dollar fell against the Lebanese pound, during the first operations on Tuesday, for the informal market in Lebanon.
And local media said that the average price of the dollar ranged from 8,300 pounds for purchase to 8,380 for sale, while the price remained constant in the banks.
Money market experts believe that the dollar price is approaching £ 9,000, and the restructuring consultancy withdraws from the Lebanese Central Bank’s criminal audit for not receiving the required documents.
Two days ago, Lebanese President Michel Aoun declared that the criminal audit with the Banque du Liban is necessary to combat corruption and emphasized that whatever is necessary will be taken to recover it.
“The withdrawal of Álvarez and Marsal from the mission that was entrusted to them is a regression to the logic of statehood, disclosure, accountability, accountability and transparency,” he added.
Since 2019, Lebanon has experienced an economic collapse and a crisis open to all possibilities, with the value of the lira collapsing at an unprecedented level, while last March the State defaulted on the payment of its external debts.
Although the government began negotiations with the International Monetary Fund, it came back and stopped after a dispute between Lebanese negotiators representing the government and the Bank of Lebanon over their estimates of losses.
Among the multiple crises in Lebanon are growing poverty, political vacuum, the Corona virus and the fallout from the massive bombing that rocked the port of Beirut last August and killed 200 people.
Currency exchange
The Union of Money Changers in Lebanon confirmed the exchange rate of the dollar against the Lebanese pound with a variable margin between the price of 3,850 pounds of purchase and 3,900 pounds of sale, maximum.
Banks
The Central Bank of Lebanon has also set the dollar exchange rate at 1507.5 pounds. This price applies only to imports of fuel, medicine and wheat.
Banks set the price at 3,850 pounds per dollar, when withdrawing dollars from small depositors.
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