Perhaps everything said about the dollar, its madness, and the collapse of the lira has been said, in light of the futility of the treatments, decisions, and measures taken. The same applies to the decisions that must be taken, but they are forbidden to be disbursed and out into the light, because they are obstructed by the influential and those who hold power, because they conflict with their political and personal interests, at the expense of the collapse of a homeland and a state and the humiliation of an entire people.
And in light of the recent escape of the dollar and its successive jumps, leading to its exceeding 140,000 pounds against one dollar yesterday, Tuesday, the issue of printing the two and a half million pounds notes returns to the backstage, so that the Lebanese pound enters the stage of 6 zeros.
And while the Banque du Liban hinted that it was ready to put these two papers on the market when the need arises, the director was not known to take the decision, because it must be issued by law from the Parliament, which is unable to convene as it is currently an electoral body and is prohibited from convening to legislate according to the constitution.
The financial and economic expert, Louis Hobeika, considers that “the rise in the exchange rate of the dollar and the collapse of the lira, and the printing of the one and a half million pounds banknote, are two different issues.” And he stresses that “the two and a half million banknotes must be printed today. Rather, it was obligatory yesterday before today, and it is necessary and compulsory to facilitate people’s lives, and it has nothing to do with the decline of the lira and the exchange rate.”
And he explains, “The decline of the lira against the dollar is an existing reality resulting from the political, economic, social, moral, and corrupt situation, and the inability of the Banque du Liban to intervene in the market due to the decline in its cash reserves to about 8 billion pounds, and so on. This is what causes the lira to fall and the dollar to rise.”
And he points out, “In light of this reality, citizens’ lives must be facilitated by printing currency notes in higher and larger numbers,” stressing that “this does not affect the exchange rate.” He added, “The one million and the 500,000 pounds notes must be printed,” considering that “it is not necessary to print the 200,000 pounds notes.”
Hobeika points out, “Facilitating the life of the citizen and printing the one million and 500,000 pounds notes has become a necessity. The exchange rate is a result of liquidity, supply and demand in the market, and the deteriorating and even worn-out general conditions at various levels, and the printing of these two papers has nothing to do with the exchange rate.
And he believes, “It is not normal that if someone wants to buy a hamburger with a box of potatoes, for example, the price of which is about one and a half million pounds, that he pays 15 notes of 100,000 pounds. And if the same citizen wants to fill his car’s tank of gasoline with 4 or 5 million pounds, he must carry in his wallet an additional 40 notes of 100,000 pounds. What if he wants to buy some items from the supermarket? Which wallet will fit? Measure it.”
Thus, “Is it required that the citizen carry tens of millions of pounds in bags, (bags) or (sacks) to buy his simple daily necessities? In addition to wasting time and problems in dealings between citizens and various shops, in addition to transporting large quantities of paper papers daily? For example, who does not own a car and travels by bus or taxi, how does he manage his affairs and where does he put the money? Would that not pose a threat to him?”
In Hobeika’s opinion, “the law must be amended so that the decision about printing the one million and 500,000 LL banknotes, or other papers when needed, is left to the Banque du Liban and allows it some flexibility to act, after coordination with the Ministry of Finance if it is deemed necessary.” “Isn’t it necessary to pass a law from the House of Representatives to that effect, as is the case today? We do not change the national currency and we want to preserve our Lebanese pounds. Rather, we print two additional new notes of one and a half million pounds to make our lives easier.”
And he notes, “With regard to the current situation, where the House of Representatives cannot convene in a legislative session and issue a law to print new papers, because it is an electoral body whose work is limited to electing a new president of the republic, a specific formula can be found through the government taking a decision that allows the Banque du Liban to print the two million and 500 bills.” 000 L.L.
And he adds, “The government or its president can send a message to the parliament through its president, indicating that in light of the parliament’s inability to convene to legislate before electing a president of the republic, the government takes an exceptional decision to facilitate people’s lives in which the Banque du Liban is allowed to print the 500,000 and one million pounds notes. Waiting for the return of public order to constitutional institutions.
And he stresses that “no one can object to this matter because it facilitates the lives of citizens, while it does not affect the exchange rate and the value of the lira in terms of the price of goods and purchases. The (hamburger) will remain at one and a half million pounds, and perhaps more tomorrow, but instead of the citizen paying 15 bills of 100,000 pounds. For it, he will pay two cards. This is pending the improvement of the situation in Lebanon, and our transition to the stage of rescue, advancement and regular work.
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