The Director of the Media Center, Salem Zahran, summarized on his Facebook page the reason for the large and rapid rise in the dollar exchange rate, refuting the reasons, which he summarized as:_ Electronic applications that manipulate the exchange rate as their operators inside and outside the country want.
_ Some of the banks that intervene in the black market are buying dollars to secure bank liquidity that enables them to comply with the requirements of Circular 154 imposed on them by the Banque du Liban to raise their liquidity ratio from foreign commissions by 3%.
And the phenomenon that accompanies it of “changing checks”, whereby “a million dollar paper check, for example about 270 thousand dollars in cash,” is disbursed
_ Resumption of import operations after the end of the “general closure” due to the Corona pandemic, and employers went to the black market to buy dollars for imports.
Zahran added that these are “detailed – technical reasons for the rise in the price of the dollar, but the main reason is political par excellence, with the inability of the caretaker government to carry out its duties, the complexities of forming the new government and the struggle of those involved in forming it locally, regionally and internationally ..”
He considered that “the main basis is the deficit in the balance of trade and import, which is approximately 10 billion dollars annually, in exchange for exports, at only about 2 billion, which means the need for 8 billion!”
Zahran concluded, “The inability of the country’s rulers to build a financial, economic and productive policy decades ago, and what we are in today is a result, not a cause.”
We entered the harvest season because of the failure, disappointments, mismanagement and corruption that those concerned planted.
Treatment with painkillers is no longer useful, and the story is much broader than “money changers”, “moneylenders” and “banks and centralists”. All of them are nothing but links in a long chain of causes that had to be addressed by a surgical operation that no one seems ready to do ..
And what is to come is greater ..!