Are There Controls to Curb the Dollar?

In response to the dollar's rise above fifty thousand lira, economic expert Sami Nader told "Al-Diyar" that the situation is dangerous, and we have reached a point of uncontrollable fluctuations. He pointed out that there is nothing to restrain the exchange rate and no minimum reforms, nor is there a government capable of signing an agreement with the International Monetary Fund, in addition to the ongoing political strife and the governance structure in Lebanon. Furthermore, Nader noted that the international community has lost trust in Lebanese officials, and this political class is now internationally accused. However, France has called for the implementation of reforms, yet nothing has been achieved in that regard. He stated that when the dollar reaches fifty thousand lira, it means that the Lebanese lira has lost 93% of its value, and most Lebanese workers do not receive their salaries in dollars but in Lebanese lira. This will reduce their purchasing power and have negative repercussions on repaying their loans. The economic expert mentioned that there is a wave of global inflation affecting Lebanon, which lacks the capacity to absorb it. However, despite the poor economic and financial situation, he does not foresee a social explosion due to the remittances from Lebanese expatriates to their relatives in Lebanon, which alleviates the crisis and delays or prevents social unrest. Nader further explained that the Central Bank no longer possesses the mandatory reserve capable of curbing the dollar's rise, and that dollars are not entering the Lebanese markets, which worsens internal bleeding.