News: The dollar is intact … a safety platform does not work


It was stated in the editorial of the Al-Akhbar newspaper:Finally, the Riad Salameh platform was launched without there being an actual platform. Rather, it is just additional lies that the ruler publishes to intimidate the depositors and pressure to issue a law that allows him to cover his previous and subsequent offenses

After the launch date of the Banque du Liban platform became similar to the date of winning the lotto prize on the basis of “If it is not Monday, Thursday,” the Governor of the Central Bank, Riad Salameh, leaked yesterday the news of the launch of the platform, delaying the official date that he had promised about some time ago. Month. This happened without any official statement from Salama or even a notification to the banks, which had completed their technical readiness, and some tried yesterday to spend on the platform after the news spread, so that the experiment ended in failure. What is clear is that the Governor of the Banque du Liban continues to spread lies and intimidation to depositors by linking the platform to what he announced last week regarding his negotiation with banks to give depositors an amount of money from their deposits in dollars, the maximum limit of 25 thousand dollars in installments over three years. And linking it, on the other hand, to legalizing the use of billions of compulsory reserve to cover itself, although the Central Bank can dispose of these funds on its own, and there is nothing to prevent it from doing so except that it seeks again to implement another fraudulent scheme, noting that the amount it intends “Tamnin” the depositors will take from their pockets, through a payment in dollars and another in Lebanese pounds, based on the exchange rate set on the platform, to be paid in installments over 3 years. Salameh’s plan calls for using the dollars of the second batch of depositors’ funds to inject dollars into the platform. But until yesterday evening, it had not been set for banks or money changers according to which exchange rate it would work, and whether he would set the price himself or link it to buying and selling operations in the market. The lost credibility of the central bank governor and the bad confidence in any decision he issued, contributed to the absence of any radical change in the exchange rate, even circumstantial, in conjunction with the unofficial announcement of the launch of the platform, as the dollar recorded a decrease in its value not exceeding 200 pounds during the afternoon hours, To go back and rise to 12,650 pounds. Nevertheless, Salameh alone believes that extorting depositors with their money and paying through retail in the Lebanese and the dollar and in installments over a period of 3 years, are measures that will contribute to relieving pressure on the price of the lira by placing the dollar in circulation in the market, contrary to the odds that depositors will pour their dollars and not Dispose of it or spend it.

Politically, for most of the Lebanese, there is no voice that louder than the heroism that the Palestinian people are waging in front of the Israeli killing machine. As for the formation of the government, the opportunity for the Eid only contributed to the reinforcement of the closed vacuum. The President-designate does not care about the formation, but only wakes up to present the duties of “reverence” to the outside, while the President of the Republic is still waiting for the latter to present a formation that takes into account the balances. And if the composition was far-fetched, this has not yet contributed to the caretaker Prime Minister Hassan Diab’s urge to take action and assume his minimum responsibilities. Even the subsidy rationalization file, which has been put on a heated fire in the past two weeks, appears to have been closed again. The relevant ministerial committee did not meet, and no one is concerned about the matter anymore. Only the governor of a bank decided his issue, and decided to proceed with measures to rationalize subsidies unilaterally, by tightening the screws on importers and legalizing dollar funds. In addition, the electricity file comes to increase the pressure on the people, who seem to have become accustomed to harsh legalization. The era of Turkish steamships has officially passed, and the two ships, “Fatima Gul” and “Orhan Bey”, have switched off their engines, but they will not be able to leave after the Financial Prosecutor detained them, accusing him of the “Karadeniz” company of paying commissions. The production capacity of the two steamers is 470 megawatts (due to the scarcity of fuel, they were producing 200 megawatts recently), and this will lead to great pressure on the other plants, most of which are old and worn out. But that will not be the only challenge facing the EDL. Lifting the two ships off the grid led to a reduction in production to 950 MW, and made maintaining this low rate a real challenge for the Corporation. Any emergency failure that affects the transmission network or factories will lead to a disaster in terms of production. This catastrophe, its spectrum, will be present, too, in the event of any additional delay in purchasing the fuel, or if the Banque du Liban continues to refuse to finance the essential needs of the institution, whether it is to secure spare parts, to carry out the necessary maintenance or to purchase equipment.


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