Banking Risk expert Muhammad Fahaili told “Sawt Beirut International” reporter Mahasen Morsel, that Circular 157 have changed rules and regulations and increased uncertainty related to the platform’s work when he talked about the individual’s rights in participating in the platform.
Fahaili said that the circular have left the decision for banks whether they want to participate in the platform. It also left for them the possibility of trading in cash without setting a limit for the allowed amounts, which means the ceiling amount to be purchased, and when does the Central Bank allows buying these dollars.
Fahaili added, “The Central Bank’s recognition of its inability to control the black market means that there is a possibility of buying cash dollars from the bank through the platform and selling it on the black market.” In order to function properly, the platform must be financing the import bills required solely, and these funds should not be in cash dollars, he said.
Fahaili said that the Circular 157 must have been included control measures, where the bank can serve his client exclusively, as the circular involved an article that gives impressions that the matter is not related to the client only.”
Fahaili added, “The monetary authority recognized the fresh account, which means that if dollars are bought, then the client can receive it cash or deposit it in his fresh account, withdraw it or transfer it outside the country. The dangerous part in this mechanism is that the dollar accounts through the platform can be transformed into fresh accounts. Fahaili added: “I have obsessions from reaching a masked haircut.”
Fahaili confirmed that “technically banks are not ready to work in the platform, and some banks are hesitant about dealing with it.”
All decisions are temporary and futile, and impacting the exchange rate of pound against dollar. This is what the past days have proven since the outbreak of the crisis in October 2019.