Positive political steps can curb soaring exchange rate

But the problem was with WhatsApp groups, where individuals offered to buy US dollars at a higher rate whenever the exchange rate started to fall, causing it to soar again.

These offers may be fake, and their goal is solely to keep depreciating the Lebanese pound.

The arrest of money exchangers working on WhatsApp groups contributes to knowing who is behind these operations and whether they are internal or external.

Additionally, controlling these groups also extends the effectiveness of BDL measures, but ultimately, they are still insufficient and unsustainable to stop the exchange rate from rising.

In this context, BDL officials asked, “who sets the dollar value in the black market.” They continued by answering that “they are trying to find mechanisms for that, including the arrest of illegal money exchangers and the control of WhatsApp groups.”

At the beginning of the week, the selling price of the USD declined between LBP 60,000 and 61,000 in the parallel market. While buying it reached LBP 63,000.

However, BDL officials highlighted the necessity of the campaign against speculators, asserting that the basis remains in finding positive political steps, which eventually result in economic and monetary solutions.

They also said any good news, such as the election of a President or supportive practical steps that may result from the Paris meeting, would have positive repercussions on the exchange rate, which is supposed to be lower than it currently is.

“The issue of the rising exchange rate is not solely a monetary one,” they stated.