Ogero director Imad Kredieh has threatened the banks with reprisals if his employees do not benefit from Circular 161. He also denounced the scenes which took place yesterday when soldiers came to collect their salaries at parity of the Sayrafa electronic platform of the Banque du Liban, ie 23,000 LL / USD.

Thus the services provided by the company – Internet and fixed telephones – could be cut off from refractory banks.

Translation

What we have seen today of the humiliation of the heroes of our army denounced. There is no private sector without the public sector. Consequently, in the event that Ogero employees cannot benefit from Banque du Liban circular n ° 161 while preserving their full dignity, our services for abstaining banks will cease immediately. We have no rights for those who deny our employees their rights.

The remarks already follow retaliatory measures by private hospitals in early summer which demanded bank employees to be paid in cash after the latter refused to honor the salaries of hospital staff.

This information comes as some banks have started to apply Circular 161 only to military and security personnel and not to other categories of officials, while other banks have decided to refrain from any implementation of the text. published by Banque du Liban on December 16.

The latter consists of banks being able to distribute dollars up to the parity of its Sayrafa electronic platform, ie 24,000 LL / USD yesterday, which would thus be made available by the Banque du Liban. Often, people benefiting from these payments go to money changers operating on the black market at the parity rate of around 27,000 LL / USD today to obtain Lebanese pounds in return, thus earning 3,000 LL in profit per dollar.

Among the first beneficiaries, the Lebanese military whose balances which were around 450 USD, 2 years ago, have shrunk to less than 30 USD due to the deterioration of the parity between the Lebanese pound and the dollar.

Text of circular 161 of the Banque du Liban

The Governor of the Bank of Lebanon, on the basis of the Law on Currency and Credit, in particular article 70 and article 83 (paragraph B), which allows the Bank of Lebanon to buy and sell directly foreign currency in exceptional cases and in agreement with the Minister of Public Finance, in order to preserve the public interest in the current exceptional circumstances currently facing the country, and on the basis of the approval of the Minister of Finance on 14 / 12/2021, and on the basis of the decision of the Board of the Banque du Liban taken at its meeting held on 12/15/2021,

it is decided as follows:

Article 1: An exception to any regulatory text issued by the Banque du Liban The Banque du Liban makes available to the banks American dollars in cash on the basis of the daily announced exchange rate for the Lebanese pound against the American dollar for the operations of trading carried out on the “Sayrafa” electronic foreign exchange trading platform the day before, within the limit of the remaining amount of the ceiling set for each bank for the current month.

Article 2: Banks must pay all the sums referred to in article 1 above, in American dollars, to their customers at the aforementioned rate, instead of paying the sums which belong to them in Lebanese pounds and resulting from withdrawals or transactions of cash funds from accounts or contributions belonging to them, within the limits approved for the execution of such transactions with the bank concerned.

Article three: If the customer wishes the opposite of what is indicated in the second article above, he must send a written request to this effect to the bank concerned.

Fourth Article: This decision is effective until 12/31/2021.

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