“Lebanon Debate”
The Central Bank continues to uphold its policy aimed at maintaining monetary stability. This approach, initiated 9 months ago, has led to an increase in dollar reserves and a decrease in the availability of the Lebanese pound.
This raises the question: Does this stability signal an impending recovery?
In this context, research and economic expert Professor Mahmoud Jebaee stated:” Over the past nine months, the Central Bank of Lebanon has increased the fresh dollar reserves by more than $1.3 billion, bringing the total to $9.867 billion, alongside gold reserves exceeding $21 billion and Eurobonds totaling $5.21 billion.”
In an interview with “Lebanon Debate”, Jebaee suggested that that the total reserve amount confirms that the bank possesses good assets that can maintain a monetary stability for the next stage. These assets can be used to solve the depositors’ crisis once a clear comprehensive solution is found.”
He also estimated: “The fresh dollars reserves could increase even more in the coming months potentially exceeding $10 billion, according to the bank's monetary management policy. This policy entails the centralization of the monetary bloc in cooperation with the Ministry of Finance, empowering the Central Bank to set exchange rates and regulate the parallel market.
The expert added that this policy is tightly related to unifying the exchange rate in the central bank based on decree 167, through which the demand and offer budgets were unified and the exchange rate was 89 500 L.L for a dollar.
He also highlighted the importance of the role of the central bank in efficiently and clearly controlling the market, as well as injecting money based on the demands of ministries and the market.
Jebaee clarified: “Under Articles 75 and 83 of the Money and Credit Law, the Central Bank serves as the sole provider of Lebanese pounds, exchanging them for foreign currencies as needed, thereby increasing the central bank reserves.”
He also considered that this is pivotal amid the current economic crises that Lebanon is going through.
The expert concluded by highlighting other indicators related to the commercial budget deficit and the paying budget surplus.
Jebaee reiterated: “These factors confirm that a monetary stability is guaranteed for an extended period of time. The monetary bloc present in the market can be bought for 600 million dollars and the central bank has now over 1 billion and 300 million dollars. The monetary management policy maintains the monetary stability needed for the country to recover. We need to develop a comprehensive economic recovery plan that goes in accordance with the government, the central bank, and the monetary policy.”
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