Difficulty in Implementing Dollarization: Here is the Solution

Financial researcher Dr. Jihad Al-Hakim pointed out that since Lebanon defaulted on its Eurobond payments, there has been no ceiling on the exchange rate of the dollar against the lira. Al-Hakim affirmed, in an interview with "Voice of Lebanon," that the exit of the lira from circulation is a long-term matter, noting that its role may diminish and that there is difficulty in implementing dollarization. He considered that if good governance and an end to waste and corruption do not occur, the economic problem cannot be solved even if we manage to extract oil and gas resources. Al-Hakim ruled out reaching a radical solution, stating, "We had opportunities in front of us, but we did not seize them. The solution is not in achieving economic growth but in its sustainability."