Warranty offset: the dollar at 3900 pounds

A positive atmosphere spread yesterday by the sources of the presidential palace, regarding the formation of the government. This atmosphere indicates that a government of 18 ministers will see the light before next Wednesday. But it is noteworthy that this environment did not pass to the forces involved in the formation of the government, including the Free Patriotic Movement, which says it has no evidence of it. In the same context, he met with Major General Abbas Ibrahim, upon his return from Paris, who was visited by a delegate of the President of the Republic, General Michel Aoun, to discuss the issue of authorship and other matters, with the impression that the visit was not positive, without clarifying the effect of this on the government’s opinion.

On the other hand, among the forces that appointed Mustafa Adeeb to head the government, those that indicate that he continues to insist on a government of 14 ministers, electing them and choosing their portfolios himself. If Adeeb really insists on this, it will not be unlikely that he will visit the Baabda Palace to inform the President of the Republic about the formation, noting that he did not discuss with Aoun any matter related to composition, neither in general lines nor in details. If Adeeb bets on a group that does not take into account the point of view of the different forces, such as appointing a finance minister who is not from the Shiite sect or a Shiite with whom President Nabih Berri does not agree, then a possibility of two will be realized: o Aoun approves the formation and throws the fireball towards the parliament, o More precisely, towards Berri and Hezbollah, or refuses to sign, considering that the formation does not meet the specifications. However, regardless of the possibilities that arise, Berri’s insistence on obtaining the Ministry of Finance has doubled after the US sanctions that affected former Minister Ali Hassan Khalil. This means that any government formation will not go without the money.
The Free Patriotic Movement sources confirmed that they do not want to participate in the government, but that they will facilitate as much as possible. However, he wonders why the designated president did not consult with the parliamentary blocs that appointed him, with the exception of the Future Movement. He added: “How will a government see the light without consulting the forces that will give it confidence? And if we agree with that, will others agree? And if such a government wins this trust, will it be able to work and continue? “

Warranty compensation
On the other hand, the Central Board of the Banque du Liban approved the request presented by the National Social Security Fund, under the title “Protection of the purchase value of compensation for termination of service.” The “guarantee” asked the Banque du Liban to treat termination compensation for employees and the procedure recorded in the “fund” in the same way as it was adopted with owners of small deposits in banks, since their Money is transferred from the pound to the dollar based on the price of 1515 pounds per dollar, then converted back to the pound. At the “platform” price of around £ 3,900 per dollar. Instead of compensation having lost about 80 percent of its value compared to the market dollar, this loss is reduced to less than 50 percent, in the event that the black market price of the dollar falls. keep within the 7,500 pound limits (which is not guaranteed). And it seems that the governor of the Central Bank of Lebanon, Riad Salameh, is inclined to apply this measure to all the compensation owed since the beginning of this year. According to figures provided by the National Social Security Fund, around 13,600 checks were issued to users requesting end-of-service compensation, from the beginning of the year to the end of July, for a total value of about 440,000 million pounds. It found that more than 6,650 awards, each of which is less than 10 million Lebanese pounds, compared to 2,280 awards, each of which exceeds the threshold of 50 million pounds. The Central Bank of Lebanon will cover the difference between the original compensation and what it will become once the aforementioned process is approved. This measure will contribute to increasing the money supply in the market and is expected to increase pressure on the price of the lira on the black market.

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