Lebanon faces two crises for the dollar … and 56 billion evaporated from the “Central”


Source: Dubai – Arabic.net

The figures released last February by the Association of Banks in Lebanon indicate that the banks employed 76 billion dollars in the Bank of Lebanon. In contrast, the usable money at the Banque du Liban is $ 20 billion, according to the governor of the central bank.

The gap between the two numbers is 56 billion dollars. In other words, that $ 56 billion evaporated, is the depositors ’money deposited by banks in the Bank of Lebanon, even if the goal at the time was to support the state’s finances. The association’s figures also showed $ 27 billion in deposits going out to major depositors in Lebanese banks, according to Al-Sharq Al-Awsat.

It turned out that there were no longer cash dollars in the banks, and what remained of them were only book numbers.

Financial markets expert Dan Azzi said that the local dollar, or what it defines as “the dollar,” is “the dollar that Lebanese banks seize, and it is practically a number on its screens, with no real value. Therefore, there is no possibility to carry out external purchasing operations, as we were We do it through a dollar of cash, from purchases and transfers abroad. ”

Azzi explains that “in the dollar, or (the dollar), we cannot buy a car, make subscriptions online, or even make payments outside Lebanon via credit cards. What this means is that retail shopping outside Lebanon is forbidden by this dollar, and trading in it within Lebanese territory is limited, as a closure.” Debt to banks from within internal calculations, or buying real estate, or owning apartments through checks deposited with banks, or even paying bank loans, at an exchange rate of 1,500 liras.

Azzi expects that the phenomenon of the local dollar or “dollar” will end within a year or more at the latest, after the official trend towards the liberalization of the exchange rate of the Lebanese pound, which was referred to by the government’s reform program, from the gradual liberalization of the exchange rate of the lira, starting from the next year to become 3 Thousands of pounds in 2024.

And Azzi notes that the real dollar today is the cash dollar, or banknote, which is found in exchange shops only, and is bought today at a price that touches 3 thousand liras.


Please enter your comment!
Please enter your name here