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The director of the Media Center, Salem Zahran, summarized on his Facebook page the reason for the large and rapid rise in the dollar exchange rate, refuting the reasons, which he summarized as:
_ Electronic applications that manipulate the exchange rate as desired by their operators inside and outside the country.
_ Some of the banks that intervene in the black market are buying dollars to ensure bank liquidity that allows them to comply with the requirements of Circular 154 imposed by the Banque du Liban to increase their liquidity ratio with foreign commissions by 3% .
And what comes with it is the “check cashing” phenomenon, whereby “a million dollar paper check is disbursed, for example about $ 270,000 in cash.”
_ Resumption of import operations after the end of the “general shutdown” due to the Corona pandemic, and businessmen went to the black market to buy dollars for imports.
Zahran added that these are “detailed technical reasons for the rise in the price of the dollar, but the main reason is political par excellence, with the inability of the interim government to fulfill its functions, the complexities of the formation of the new government and the struggle of those who participate in its formation at the local, regional and international level .. “
He considered that “the main base is the deficit in the trade and import balance, which is approximately 10 billion dollars per year, in exchange for exports, of only around 2 billion, which means the need for 8 billion” .
Zahran concluded: “The inability of the country’s rulers to build a financial, economic and productive policy decades ago, and where we are today is a result, not a cause.”
Good,
We entered the harvest season due to failure, disappointment, mismanagement, and corruption planted by stakeholders.
Good,
The treatment with analgesics is no longer useful, and the story is much broader than the “money changers”, the “moneylenders” and the “banks and centralists”, since they are all but links in a long chain of causes that they had to be approached with an operation that no one seems to be willing to carry out.
And what is to come is bigger ..!
