The Limited Times

Now you can see non-English news...

For the first time, the Lebanese Central Bank intervenes to finance imported commodities and basic materials

2019-10-01T12:35:15.823Z

Beirut - The Central Bank of Lebanon (CBL) announced its readiness to secure the dollar at the official price of oil importing companies



Beirut-Sana

The Central Bank of Lebanon announced its readiness to secure the dollar at the official price of importing oil, wheat and pharmaceutical companies only, following street protests following scenes of car jams at gas stations in Lebanon and the scarcity of the dollar in exchange companies in light of high demand and the depreciation of the Lebanese currency by 10 percent.

Governor of the Banque du Liban Riad Salameh said in remarks that the Central Bank of Lebanon has an important reserve of the dollar and that there is no crisis for its availability in the banks and that the Monetary and Credit Law does not allow the Banque du Liban to interfere in the free banking market in Lebanon.

Last week, gas stations across Lebanon stopped working for one day as a warning because of the current shortage of foreign currency for the purchase of petroleum products and derivatives, and participated in the strike about 95 percent of gas stations threatened with an open strike if not solve the problem.

Following threats of strikes in the hydrocarbons sector and a decline in wheat reserves, Salameh issued a circular to Lebanese banks published today, stressing that the central bank will secure the dollar at the official price to importing oil, wheat and pharmaceutical companies to avoid a crisis in securing basic commodities in the Lebanese market.

According to economists and financial experts, the Central Bank of Lebanon is trying through this procedure and in light of the scarcity of dollar flows that have been going on for years to maintain the monetary reserves and the stability of the exchange rate. .

Lebanese media have reported that Lebanese banks, which usually sell the dollar to petrol station owners and suppliers at the current rate at the Banque du Liban, are refraining from selling it to them to maintain the dollar bloc, prompting traders to turn to the exchange offices that sold them at a higher price.

Some experts believe that the crisis caused the atmosphere of anxiety and rumors among citizens and the positions of banks, which led to high demand for the dollar in the Lebanese market and the decline in supply, which opened the door to speculation on the lira To the cashiers at higher prices to return to the deposit of the lira in their accounts banks deliberately to stop transfers from the lira to the dollar within banks and through ATMs and the impact of non-acceptance of checks issued in dollars on deposits in lira.

Nadim Mualla

Follow the latest news through the Telegram app on smartphones via the link:

https://telegram.me/SyrianArabNewsAgency

Follow our page on the social networking site VK at:

http://vk.com/syrianarabnewsagency

Source: sena

You may like

Trends 24h

Business 2019-11-17T12:01:55.053Z

Latest

© Communities 2019 - Privacy