Salameh: Dollar Available in Market, Monetary Situation Stable

W460

In a move aimed at easing concerns over the demand for dollars amid a worsening economic crisis, Central Bank governor Riad Salmeh on Friday affirmed the "stability" of Lebanon’s monetary sector and the "availability" of dollars in the market.

Salameh said in remarks he made to LBCI TV station that he “explained the mechanism of the new circular to all parties and met with the concerned ones,” stressing “there will be no change to the circular.”

Last week, Banque Du Liban (BDL) issued guarantees to secure U.S. dollars for local banks at the fixed official rate that would cover imports of fuel, wheat and medicine, a move aimed at easing the demand for dollars.

BDL said the imports of gasoline, wheat and medicine it would secure hard currency for are "only for local consumption.”

Salemeh told LBCI his aim is to “facilitate the import of key merchandise like medicine, flour and fuel,” ensuring that dollars are available in the Lebanese markets.

SourceNaharnet
Comments 8
Thumb s.o.s 11 October 2019, 15:05

He may be a great manager but he’s got a bad poker face... we all know the country’s finished.

Missing ysurais 11 October 2019, 15:11

bravo ya man u are z best, i see all z people have plenty of dollars n they dont even know in which pockets to put them anymore..lol

Thumb lebanon_first 11 October 2019, 15:55

My 2 cents: the politicians mortgaged some of the gold of lebanon to attract the 1.5billion usd to lebanon,

Once 1.5billion got here, they are using those to yharbo their personal savings to their swiss accts.

Thumb s.o.s 11 October 2019, 16:22

I read something about it yesterday, but mortgaging our gold would require an approval of the parliament.

Thumb blablablablabla 12 October 2019, 11:04

you can mortgage the bikini you re using when you re playing with Doodle Katioucha but i m not sure Hariri would pay 16 millions for it

Missing rabiosa 11 October 2019, 17:05

Just make the uSD the official currency and withdraw all LL from the market and de done with it, Like what's the fascination with preserving the LL. It's worthless.

Thumb whyaskwhy 12 October 2019, 02:07

Hi Rabiosa,
Further to your point the US dollar is used as official currency in many nations. Ecuador and Zimbabwe both switched to the US dollar after financial crises made their local currencies worthless. Other countries, such as Panama, Cambodia, and the Bahamas, use the US dollar alongside their own currencies.

Thumb s.o.s 12 October 2019, 20:12

We could use both USD and Euro to keep some sort of balance. The Lebanese lira is worthless ... but both America and Europe are planning on going cashless in the next decennial ... which I disapprove of because it empowers banks and big brother.