The collapse of the banking sector has affected a huge number of depositors, and governmental and legislative inaction has enshrined the Central Bank as a final authority in fiscal and monetary policies. Therefore, and in the absence of a comprehensive reform plan, these measures do not rise to the level required to respond to the urgent financial and economic situation, to the extent that many experts consider that they had an adverse effect that led to the erosion of the remaining market confidence in the Lebanese banking sector. Today, after three years have passed since the economic crisis and the collapse of the local currency, where have we become? And what is left of the remaining reserves in the Banque du Liban?
The Minister of Finance in the caretaker government, Youssef Al-Khalil, stated that 10.3 billion dollars is the remaining reserve in the Banque du Liban. An amount that has declined dramatically in recent years, and today, in light of the Central Bank’s announcement to stop buying dollars through the “Sarafa” platform, it is necessary to ask whether the latter will be able to continue to secure dollars for Circulars 158 and 161. And for how long?
And since the Banque du Liban cannot touch these $10.3 billion, of which the mandatory reserve is part, is there any surprise waiting for us?
So, time has become limited because this money will run out, but the date when this will happen remains unknown. Does this mean that we will remain in the unknown indefinitely?