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During their rejection of BDL’s measures, the merchants did not hesitate to defend the banks. The commercial sector held a special meeting to address the potentially devastating repercussions of banking restrictions on withdrawals in domestic currency, and felt that insisting on this reduction in cash withdrawals would have the following results:
1- A disastrous and humiliating day to day for citizens, especially for those who do not deal with banks, and who do not have an alternative means of payment in cash.
2- A possible cessation of the location of wages and salaries in the banks, given the cost of this dissuasive service in case of lack of liquidity, and given the retention of salary funds in excess of the monthly withdrawal quota.
3- Continuous confrontation and additional tension between banks and their clients, due to the lack of withdrawn amounts, while the State is the main responsible for the misery of the destination. For example, how can people affected by the Beirut port explosion pay for restoration costs in cash in the absence of the state and insurance companies? And how can merchants and contractors who need to withdraw hundreds of millions each month manage their affairs?
4- destabilize the banking system and lay its foundations by complicating the payment, arrest, deposit and withdrawal processes, interrupting the banking cycle and emptying it of its content.
5- The decrease in the value of checks in pounds, similar to checks drawn in dollars, and the opening of a new market for Okaz in terms of their price.
6- The loss of bank deposits of a large part of their value, for not being the object of liquefaction.
7- Lebanon set a new record for the circulation of a central country in four different currencies, which are the Lebanese dollar, the US dollar, the liberated pound and the restricted pound. This is a scandal described for a country that was known as the “Bank of Arabia”.
8- Entering Lebanon in an economy of scarcity and scarcity, and in a downward and deflationary spiral, will cancel years of accumulated economic growth.
9- Last but not least, the commercial sector will be, as usual, the most prominent victim of this financial tightening, which has already experienced a drastic decrease in the volume of its business by more than 80%. And merchants will be confused about their issue: Will they accept electronic means of payment, which are not spent at any bank except at a large discount, and thus lose their money, or do they not sell and take them and their employees out of the market and lose their capital?
The great calamity will fall on the shoulders of importers and their clients, who are obliged to deliver the currency (Bank Notes). The supermarket that receives half of its sales on bank cards will reject it entirely to ensure the required liquidity.
To clarify, the big damage will not be confined to the merchants of subsidized materials, especially the basic ones, but all other merchants must bring 100 percent of the cash.
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