He stressed the need to "clean up the banking sector"
Aoun demands the Central Bank of Lebanon to curb speculation on the lira
To allow banks, starting from next week, to trade in currencies such as legitimate tellers
President Michel Aoun, Governor of the Banque du Liban, Riad Salameh, called for the necessity of strictness to curb speculation on the price of the Lebanese pound and clean up the banking sector, during a meeting held yesterday between Salameh and President Aoun's financial advisor, Charbel Qirdahi.
A statement issued by the Information Office of the Presidency of the Republic said that, based on President Aoun's directives, and following the financial, security and judicial meeting that was held at Baabda Palace on Monday, March 8th, a meeting was held (yesterday) between Salama and Cordahi «to see the measures taken by the ruler to put an end to the rise Unjustified the exchange rate, and suspicious speculation on the Lebanese pound.
The President of the Republic informed the Governor of the Banque du Liban, according to the statement: "The necessity of strictness to curb speculation, clean up the banking sector and the determination to restore confidence, so that Lebanon will return to a banking base in the region."
For his part, the governor informed "the President of the Republic that the Central Bank decided to launch work on the electronic platform belonging to him so that all transactions are recorded and become the main reference for the real market price."
The decision of the Banque du Liban, according to the statement, included "allowing banks, starting from next week, to trade in currencies such as legitimate money changers, and to record transactions at the real price on the platform, provided that the Banking Control Commission follows up on the smooth running of work."
The statement added that the Banque du Liban would intervene "to absorb liquidity whenever needed, until the exchange rate is controlled in accordance with known mechanisms."
It is noteworthy that the exchange rate of the dollar against the pound recorded a rise of 15 thousand pounds last Tuesday, for the first time, to decrease in the past two days again, and today it reached 10,200 Lebanese pounds.
The rise in the dollar’s exchange rate sparked a series of popular protests and road blockages in all Lebanese regions.
It also led to an unprecedented rise in food prices and a decrease in the purchasing power of the Lebanese.
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