The President of the Republic, Michel Aoun, discussed the financial situation in Lebanon with the Head of the Association of Banks, Salim Sfeir, as well as the role of banks in the restoration of the Lebanese economy. I this regard, Sfeir expressed gratitude and how pleased he is with the creation of the new cabinet, confirming that the banks are willing to participate in initiatives that would help Lebanon’s economy recover from the crisis it has experienced.
Tomorrow, $1.135 bln will be deposited in the Banque du Liban’s account, representing Lebanon’s portion of the International Monetary Fund’s Special Drawing Rights. Since former Finance Minister Ghazi Wazni stated yesterday that the Minister of Finance, not the Bank of Lebanon, is accountable for the activation of these funds, the question remains as to how this cash will be used or invested in the rare currency.
Alia Moubayed, an economist, will join us to discuss this topic.
The Consumer Price Index increased by 24% in July compared to June, according to the Central Administration of Statistics. As for July 2020, this statistic likewise increased by 123%. Consumer price inflation hit 81% in the first few months of the year.