The deputies of the Governor of the Banque du Liban, Riad Salameh, are striking five-fifths in badass these days, in difficult and complicated preparation for the day after Salameh’s exit from the governorship, and the most urgent issue today is a banking platform: will it continue, or will it stop, or will it continue for a while and then stop?
The sources of the ruler’s deputies do not yet know the final answer, because it is related to the duration of the presidential vacuum, and then the formation of a government that falls under the responsibility of appointing a new governor for the Banque du Liban. It seems, according to those sources, that “the issue will take many months, and perhaps very long. In the meantime, opinions are conflicting, knowing that the governor’s deputies are divided between conservative and rejecting an exchange platform to date, and none of them explicitly supports it, but the fireball has reached their bosom.” So, will they believe with themselves and stop a banking platform, or will they bow to political pressure, especially from the Speaker of Parliament and the government, Nabih Berri and Najib Mikati, to preserve the existing status quo with the prevalence of the illusion of monetary stability again, although there is a cost to the alleged stability?
Among the scenarios presented, according to sources.home callThat a representative of the ruler’s deputies is now engaged in digital maneuvers, or a simulation of the scenario of abandoning the platform, and whether this is possible without a major drop in the exchange rate. And that simulation takes into account the monetary mass in lira, the market’s daily need for dollars, and the dollarization rate. In the economy… However, the factor of possible speculation may not be fully and accurately taken into account, as happened at the beginning of last March when the exchange rate of the dollar in the parallel market reached 143 thousand pounds, then returned to decline with an implicit agreement between Salameh and the major speculators. Scrutiny and search for a way out, because the ruler’s deputies are convinced that the large profits from banking go to banks, bankers, and major financiers, and employees and small depositors only get crumbs.As for the losses incurred by banking as a result of buying the dollar at a price and selling it at a lower price, it is recorded in the BDL budget, and thus it bounces negatively On the reserves and the remaining dollars of depositors, and the governor’s deputies agree with the opinions of the experts of the Monetary Fund and the World Bank aimed at stopping exchange in its current form, and working to unify exchange rates in the first stage in preparation for leaving the exchange rate flexible at a later time.
As for what is rumored that Salama will be an advisor to his deputies after his departure, Salama is ridiculed for just proposing it, but very well-informed sources never rule out that Salama remains an advisor to the current ruling regime, especially Mikati and Berri, and this is among a number of pending issues that include banking and do not stop there only, in Waiting for the appointment of a new governor for the Banque du Liban, which the system wishes to be from a “profile,” may God forgive the past.
2023-07-04 04:52:00
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