Riad Salameh is gone and so is his shady trade platform “Sayrafa”. As an alternative, the Council of Ministers has agreed to undertake a brand new Bloomberg-operated platform for greenback buying and selling, which is anticipated to replicate the precise and free trade fee, restrict the money economic system and exchange the quite a few parallel market trade charges.
That is in idea after all, however the fact is that whereas this platform might present extra transparency, the absence of reforms and the ever-increasing demand of US {dollars} will trigger the Lira to skyrocket in few weeks time solely. Along with that, BDL doesn’t have any reserves to regulate the LIRA hike, nor the authority or political assist to regulate parallel markets.
In different phrases, the choice to undertake Bloomberg is a hasty and rushed choice most likely taken to please the IMF previous to their go to to Lebanon. As for its influence on the LIRA, anticipate mass hysteria and panic quickly over fluctuating LIRA charges.
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