MPs demand answers on currency exchange rate crisis, fund transfers

Lebanese MPs have turned a joint committee session into a 'government accountability meeting' to discuss the out-of-control currency exchange rate in an attempt to avoid appearing out of touch with the country's economic crisis.

All political parties attended through their respective deputies in the General Assembly hall in the parliament, asking questions that all citizens have been asking: Who sets the exchange rate? Why are banks closing and citing strikes? How to explain the central bank's circulars? And who controls the currency printing? However, none of the attendees had any satisfactory answers.

In this context and according to statements made by Deputy Speaker Elias Bou Saab, many powerful officials are still operating in the country and transferring funds outside of Lebanon, even during the economic crisis.

Bou Saab also said these people could be businessmen or individuals with ties to banks and their boards of directors, and some may even include judges or security officials.

Despite the gravity of the situation, neither the caretaker Prime Minister nor the Governor of the Central Bank attended in person to address the issue, which many MPs objected to, with only their representatives being sent.

Advisor to Caretaker PM, Nicolas Nahas, clarified that "the Central Bank issues circulars and its council approves them. 

Additionally, he mentioned that the latter has absolute independence in this matter, especially in issues related to state financing.

"Of course, there is coordination, but I do not think the council coordinates all of its circulars with the government," Nahas stated. 

Thus, the session ended quietly with no answers to the citizens' questions, only interrupted by some shouting from the protesters outside the parliament and the smell of tear gas that breached the parliament's lobby.

The Lebanese situation is dire, and the lack of coordinated action to combat money smuggling has only added to the economic woes faced by the country. Lebanon's future remains uncertain until concrete measures are taken to address this problem.