SAWT BEIRUT INTERNATIONAL

| 1 October 2022, Saturday |

Black market dollar soaring without limits

The black market dollar continues its resounding flight without any signs of receding, after reaching imaginary and unprecedented numbers in Lebanon’s modern history, which indicates an imminent danger on the doors.

This morning, Tuesday 20/9/2022, trading is taking place in the parallel market at a price of the dollar, ranging between 39,000 – 39,100 Lebanese pounds for each US dollar.

And the dollar exchange rate closed in the parallel market yesterday evening, Monday, recording between 38900 – 39,000 Lebanese pounds for each US dollar, after it had recorded in the afternoon a pricing that ranged between 38,700 – 38800 Lebanese pounds for each US dollar.

In this context, the former head of the Banking Control Commission, Samir Hammoud, considered that “two mistakes cannot lead to a solution, the first mistake is the unacceptable delay in dealing with the banking crisis, and the second mistake is the belief that storming banks will return deposits to their owners.”

He pointed out that “the responsibility is shared between the state, the Banque du Liban, the Association of Banks and depositors, and there must be two goals: preserving the rights of depositors and reviving the banking sector,” saying: “The main problem lies in the belief that the banking sector can continue with capital only. Today, the work pattern has become different, and the sector must be dealt with from the angle of its continuity and the search for a new work pattern.”

Hammoud also expected “the dollar exchange rate to reach 6 zeros with the approaching end of the mandate of the Governor of the Banque du Liban next July,” and expressed his fear of “abandoning the Lebanese pound as an official trading currency.”

 

    Source:
  • Sawt Beirut International