Money changers resumed their work in Lebanon after a strike that lasted for several weeks, according to a mechanism that provides for the approval of the exchange rate of 4 thousand Lebanese pounds against the US dollar for a period of 15 days, until the exchange rate is fixed with the licensed money changers at about 3,200 Lebanese pounds.
This mechanism was agreed upon during the syndicate of exchange with the Prime Minister Hassan Diab and the governor of the Banque du Liban Riad Salama and the Minister of Finance Ghazi Waznah. Will this mechanism succeed in reducing the exchange rate of the US dollar against the lira?
According to economist Jassim Ajaga, this mechanism can reduce the exchange rate of the US dollar against the dollar, but the political split is still frightening and unpredictable.
Ajaqa told Sputnik: “Three factors affect the exchange rate of the dollar. The economic factor, which is today represented by commercial exchange with the outside, is low because import has declined, and the second factor is political, and as long as the political class is still incompatible, which leads to panic When citizens flock to buy dollars, the third factor is the speculative factor. “
He added: “The three factors are present in Lebanon, and what the government has done in this regard is to reduce speculation, through the security forces that support the Bank of Lebanon in terms of implementing the issued circular and arresting everyone who manipulates the exchange rate of the dollar, even people who
They believed they were protected and they were imprisoned recently. “
Agaga believed that implementing the circular of the Banque du Liban with the support of the security forces through the arrest of violators would play an auxiliary factor and would contribute to reducing speculation on the Lebanese pound.
The Syndicate of Money Changers in Lebanon announced, today, Wednesday, in a statement, that, “In compliance with the recommendations of the Grand Serail meeting on 05-30-2020, we announce the pricing of the US dollar exchange rate against the Lebanese pound for Wednesday 03-06- 2020 exclusively by a margin
Moving between buying at a minimum price of 3950 and selling at a maximum of 4000.