It was recently reported that the banking dollar price would soon be raised from 15,000 liras to 25,000 liras per dollar. Is this achievable?
In this context, financial and economic expert Bilal Alama points out to “Lebanon 24” that “the financial files are linked to each other, from the budget file to the restructuring of banks and financial recovery,” stressing that “the banking dollar is among the group of problems and complexes.”
He continued: “The acting governor of the Bank of Lebanon, Dr. Wassim Mansouri, recently stated from London that the Bank of Lebanon does not interfere in the market to buy the dollar, but rather prints the lira, i.e. the national currency, and sells it in exchange for the dollar or the euro.”
He added: “When the issue of the “dollar” or the so-called suspended or withheld deposits will be resolved, payment will be made in pounds, and if payment is made in large quantities, the mass of liquidity will increase, which is currently approximately 47 or 48 trillion Lebanese pounds in the market, and therefore we will once again witness some pressure on the dollar. It will lead to an increase in the exchange rate.”
He considered that “introducing the number of 25 thousand pounds as a banking dollar was a test for all parties, namely depositors, banks, and the Bank of Lebanon, and if it turns out that this proposal can pass, it will be approved because there is no alternative to that, and adopting a lower number is also impossible.”
He concluded by saying: “Circular No. 151 is still in effect, meaning the withdrawal on the price of 15 thousand liras, and after Mansouri announced that the market price of the dollar was 89,500, it was no longer possible to continue with the price of 15 thousand, and it seems that the number of 25 thousand is the most likely, and I believe this decision will be issued.” After completing the restructuring of the banks.”
2024-02-24 07:15:35
#banking #dollar…at #price
