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Lebanese Finance Minister Ghazi Wazni said in an interview with “Agence France Presse” on Friday that Lebanon is ready to comply with the request of the International Monetary Fund to float the lira exchange rate, but after receiving external support , that a flexible exchange rate be adopted in the next stage.
“The IMF always calls for liberalization of the lira exchange rate. They want to unify exchange rates and float, but the Lebanese government requested a transition phase that approves the flexible exchange rate before we hit the float,” Wazani said. .
“We have to adjust the stabilization policy to the flexible exchange rate policy in the first stage and for the foreseeable future, and when we have financial support from abroad, we will float,” he added.
And my peso showed its packing by the consequences of several of the immediate buoyancy, including the “significant deterioration in the lira exchange rate”, which exceeded the threshold of four thousand against the dollar on the black market, while the price Officer was set at £ 1507.
Wazni explained that “the flexible exchange rate policy is based on a gradual increase in the price of the dollar” against the lira, in a step that requires “coordination between the government and the Bank of Lebanon.”
Regarding the restructuring of the banks, Wuzni said that “it would be done step by step,” speaking of “various treatment options, including consolidation, which is normal.”
He said: “There are 49 commercial banks in Lebanon, and it is normal for their number to drop to about half in the next stage.”
The government approved its plan months after the Lebanese took to the streets, denouncing the political class, which they blame for corruption and for failing to address crises. Lebanon is under a public debt burden equivalent to more than 170 percent of its GDP, and is therefore considered one of the most indebted countries in the world.
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