– A decrease in the exchange rate by about 15% within two days, i.e. from the price of 33,000 to the price of 26,000 to the dollar, according to the circular of the Banque du Liban announcing its readiness to buy the stock of pounds in banks in exchange for cash dollars at the exchange platform price, saying that the Bank of Lebanon can, when it wants to enter, to prevent the rise The insane in the exchange rate, with evidence that he was able, and this is a permanent argument for everyone who says that the bank cannot, because it is more correct to say that it does not want to.
What happened is that when the Bank of Lebanon withdrew the liquidity owned by banks in Lebanese pounds in return for selling dollars at the platform price lower than the black market price by 10 pounds per dollar (24-34), it pushed the banks to sell these dollars purchased at the price of the platform on the black market and record large profits by the difference. , then returning to buy dollars again at the price of the platform, and repeating this process several times, the margin between the price of the platform and the black market price was narrowing to the extent that the Bank of Lebanon wants to reach, which is the margin of two thousand pounds in the price of the dollar.
The result is that the banks made huge profits and that the Banque du Liban merged the block of new pounds that it printed with the existing mass in the market, with which it buys its sold and re-displayed dollars, and that dollar holders as a result of these rounds of buying and selling and the successive decline in the exchange rate were afraid of losing the value of their dollars, so they started By selling, and this is the targeting that the Governor of the Banque du Liban has always talked about, when he said that between five and ten billion dollars are in the homes of the Lebanese, and he is now seeking to lure them into the market in similar rounds to be used in financing what he calls the lost time before the external and internal benefits, such as demarcation of the borders. Parliamentary elections and presidential elections. Through these dollars that the Banque du Liban lured and got what it planned, through a process known as stimulating the big horns to drag the herd, that is, the holders of small wallets of dollars, the Banque du Liban is betting on financing the import operations, which amount to nearly five billion dollars until the end of the year.
The plan of the Banque du Liban is now based on playing within the margin of 25-25 thousand pounds to the dollar, for similar future rounds when every retention resulting from pumping a new amount of printed cash to finance the state, and every need for new dollars to finance the export, so it invests to launch the process an amount of dollars and repeats it with the banks Repeatedly, to return to the minimum margin of the exchange rate, i.e. the edge of the 25 thousand, and then recover his dollars when he succeeds in persuading the owners of household dollars to sell their dollars, so he does not let the price of the dollar drop further when these domestically stored dollars go to the market, but rather he buys them in newly printed bills, and what more!
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