Informed financial sources warned, via "Al-Markazia," about the fluctuating exchange rate in the Lebanese market, just two days before the end of the term of the Governor of the Central Bank of Lebanon, Riad Salameh. The value of the US dollar has decreased against the Lebanese lira in the black market, reaching below the threshold of 90,000 Lebanese lira for the first time in months.
The sources indicate that "technically, if the exchange rate is liberated and the Sayrafa platform is suspended as it has become known, limiting its usage only to salaries of public sector employees and some state aid, it is certain that the dollar will rise again, as demand for it will be high."
They confirmed that the current situation could be intended to scare people and take advantage of this surge to buy dollars at lower prices for the future, as the view today is unclear, especially regarding the governorship, since the issue of whether the first deputy governor, Wassim Mansouri, will take over has not been settled.
The sources continue, "All of this indicates that we are in a state of ambiguity. Therefore, today’s market movements are illusory, whether there is a rise or fall in the dollar exchange rate, until the picture becomes clearer after the 31st, depending on the monetary policy that the four deputy governors will implement after this date or who will take over the governorship. Should the dealings with Sayrafa continue as they are now, or slightly reduced, we might witness some stabilization or control over the exchange rate with a significant inflow of dollars into the market from tourists and expatriates. However, if the usage of Sayrafa is halted, the exchange rate will eventually rise again."
The sources add to "Al-Markazia": "Another reason that contributed to the decrease in the dollar's exchange rate today is speculators in the market, who exploited Prime Minister Najib Mikati's statement that the money supply in the market is under control, so part of the dollars was offered to lower the exchange rate, and when it decreases, they buy it again at a lower price."
The sources conclude, "Technically and scientifically, it is impossible to determine the direction of the dollar before the 31st."
