The money changers’ union has indicated that its members will not respect the latest directive from the Banque du Liban requiring them to respect the exchange rate on its Sayrafa electronic platform.
The organization accuses the Banque du Liban of using an exchange rate that does not reflect the real supply and demand of the current market, an exchange rate “mysteriously fixed by the governor”.
This information comes as the Bank of Lebanon tries to impose the exchange rate of its electronic platform Sayrafa. Raids by the security services took place on Friday among many stockbrokers in the capital to force them to sell dollars at the Sayrafa rate, forcing them to lower their curtains, if necessary.
These criticisms of the Sayrafa platform also come at a time when, from the start of its existence, experts questioned the validity of this process, “unless the Banque du Liban injects the necessary liquidity”. Questions were raised about the real ability of the Banque du Liban to proceed in this way because of the dramatic drop in monetary reserves that it claims to hold and its inability also to continue its subsidy program which was in place until now. last September for the benefit of basic necessities. They then estimated that only the floating of the Lebanese pound against the dollar could constitute the most lasting solution because of the current situation, while the deterioration of the parity between the Lebanese pound and the dollar has been induced in recent months by the increase. drama of the money supply due to the monetary policy followed by the Bank of Lebanon.
