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Acting BDL Governor Wassim Mansouri collects dollars from markets and currency dealers
Press Highlights
2023-08-25 | 02:00
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Acting BDL Governor Wassim Mansouri collects dollars from markets and currency dealers
According to a banking official, it is anticipated that in his press conference later on Friday, acting Banque du Liban (BDL) Governor Wassim Mansouri will provide additional insights into the financial standing of the central bank.
It is considered a prelude to the resumption of publishing budget reports on their designated dates, the 1st and 16th of every month, as well as clarifying the complex financial relationships with the state and the public sector.
Moreover, the conference is expected to emphasize the urgency of accelerating the approval of vital financial legislation.
This article was originally published in, translated from the Arab outlet of Al-Sharq Al-Awsat.
Banking sources suggest that the forthcoming updates will encompass many vital items of the financial center, which reflect a commitment to adhere to transparency and disclosure obligations within the entirety of the BDL's budget data.
This commitment comes after accusations against the previous governor of intentionally concealing significant data in crucial and sensitive aspects, particularly the ambiguity surrounding the "losses" category, which pertains to the scale, distribution, and constraints of these losses between the bank and the public sector.
The monetary mass in the Lebanese lira is of particular interest to the financial and banking sectors due to its direct impact on exchange rates in the markets.
According to financial data, Mansouri adopted accounting restrictions that indicate a decrease in this monetary mass to around LBP 62 trillion at the end of last month, equivalent to approximately $690 million in market value. In contrast, BDL's reserves amount to $8.57 billion, and immediate obligations of nearly $500 million are distributed among public sector deposits, special withdrawal rights, and open documentary credits. Future obligations are around $770 million, associated with loans and deposits from Arab entities.
To manage liquidity, the acting governor has successfully gathered approximately $79 million from informal markets, namely money exchange companies and currency dealers. This indicates the floating of the platform for banking by resuming cash purchases through the BDL.
Notably, the platform has practically ceased normal operations due to a directive issued by the central bank to banks, and its implementation began earlier this month.
As a result, the disbursement of public sector allocations for August is expected to flow through ATMs in bank branches, following the mechanisms established by the previous governor.
Furthermore, the BDL can address urgent dollar needs for military and security institutions, particularly in response to the unspoken concern conveyed from the Army Commander's meeting hall. The issue of disbursing credits for the two imported fuel vessels destined for the Electricité du Liban (EDL) remains pending, with a value of approximately $59 million.
In a related matter, Mansouri has once again blocked any new attempts to sway his announced decision, which adheres to the Central Council's ruling against altering the mandatory employment provisions deposited by banks at the BDL.
Therefore, he reaffirms his commitment, as does the Central Council, to not disburse from reserve balances, except to settle existing obligations, including open documentary credits issued by the BDL, totaling $96 million, and settling the BDL's share (half) of payments according to the primary circular No. 158. This circular enables around 100,000 depositors to withdraw $400 or $300 monthly cash from their bank accounts.
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