The dollar continues to “fly” over the impact of the arrests – Lebanese Forces Official Website

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It does not seem that things are heading towards a solution soon, until now, to the growing problem between the Authority in its various responsible locations and the authorized cashiers, which leads them to break the strike that they have been committed to for more than 10 days and to return to open their shops and conduct their business.

Sources from the licensed money changers reveal to the Lebanese Forces website, that “the crisis is exacerbating, especially after the arrest of the captain of the money chancellor Mahmoud Murad and the accusations that were brought against him.” However, in response to what was published about the existence of documents and evidence condemning some money-changers authorized to tamper with the exchange rate, it stresses, “Judicial procedures should take their way to clarify the truth in this matter without interference and be based on the required thing.”

The same sources consider that, “The arrest of Captain Mourad does not indicate that the Authority is aware of the necessity of changing its policy and the existing approach to legal licensed money changers, and maintaining pressure on them for reasons incomprehensible. This is instead of focusing and correcting its efforts towards tackling the financial and monetary crisis and the scarcity of liquidity in dollars, where it is necessary, not to continue throwing responsibility at the legal money changers.

The sources indicate that, “True, our three colleagues who were arrested were released, but the arrest of the captain of the Money Changers discharged this step from any positive content.” In addition, the situation remains the same for banking companies that have been sealed with red wax. ” It asserts that “the strike continues until the captain is released and a radical solution is found.”

The sources also point out that “the first thing that the authority has to do to alleviate the liquidity squeeze in the dollar is serious and effective cooperation and coordination in a positive spirit with the licensed money changers to find logical solutions that help in controlling the market until the solutions to the major economic and financial crisis are found.” And it stresses that “the first fruits of this cooperation must be through a decisive decision by the competent authorities, to fight seriously the illegal money changers who sow chaos in the market, not by intermittent partial remedies as noted.”

And she explains that, after announcing, for example, the cessation of electronic applications that promote varying prices and manipulate the dollar exchange rate without any controls, we notice that most of these applications returned to work three days ago, and it remains. “Is this how serious it is to combat unauthorized cashiers and vandals on the black market?” Or is it easier for the Authority to flee forward and target the licensed cashiers to their captain? ”

In the context, the dollar has recorded a remarkable increase in the parallel markets in recent days, against the backdrop of the confusion that occurred and the failure of the authority to deal with the issue of the dollar price. Today, Saturday 09/05/2020, the exchange rate of the dollar is on the black market and at unlicensed money changers between 4,200 and 4,400 Lebanese pounds against one dollar. Note that there are no actual controls and no precise limits on the dollar price ceiling in the parallel markets, and the ratio may decrease or rise to 4,500 LBP between an illegal cashier and another according to supply and demand.







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