Wazni: Impossible to Restore Previous Exchange Rate
Lebanon’s new finance minister Ghazi Wazni on Wednesday said that it will be “difficult, if not impossible,” to return the dollar exchange rate to its previous state on the parallel market.
“The dollar exchange rate dropped to LBP 2,000 because a new government represents a confidence factor, but it will be difficult, if not impossible, to return to the official exchange rate” set by the central bank, Wazni, who is a well-known financial expert, said in remarks to al-Jadeed TV.
He however noted that the central bank can “alleviate the impact of the discrepancy in the exchange rate” should the government “offer a salvation Policy Statement that would be convincing inside and outside the country, which would allow it to draw foreign support.”
“Controlling the parallel market in the coming period is linked to the government’s work,” Wazni said in remarks to LBCI TV.
“The situation is very difficult but halting the collapse we are going through is possible. The issue requires support from inside and outside the country and this is everyone’s responsibility,” the new minister added.