Berri Slams Lebanese Govt. Inaction over Financial Chaos
Arab World
Asharq Al-Awsat
Lebanese parliament Speaker Nabih Berri criticized Thursday the government over its inaction to address the spiraling financial crisis and sharp fall of the local currency, which hit a record low of 4,000 pounds against the dollar, while the official rate remained at 1,507. The government cannot remain an “observer and witness” to financial chaos, he said. “The government must take the initiative and exercise its legal and executive powers to stop the dramatic deterioration of the Lebanese pound,” he demanded. The currency crash came as hundreds of Lebanese crowded outside money transfer offices Thursday, the last day that authorities allowed dollars to be dispensed to customers following new Central Bank rules. Protesters rallied outside the Central Bank in Beirut and the southern city of Sidon in protest against the banking policies and hike in the dollar exchange rate. Protesters in Jiyeh and the Bekaa blocked road with rocks and burning tires. The new rules, detailed in a bank circular released this week, require banks to convert cash withdrawals from foreign currency bank accounts to the local currency, the Lebanese pound, at market rates determined daily by the bank. Some politicians predicted an inevitable economic and financial collapse. “We expect a big breakdown and more poverty, bankruptcy and unemployment. May God help the people,” former minister Richard Kouyoumjian wrote in a tweet. President Michel Aoun met Thursday Central Bank Governor Riad Salameh, who briefed him on the country’s monetary situation and on the Central Bank’s plan to address them. Prime Minister Hassan Diab is expected to address the crisis during a cabinet meeting on Friday.
from Asharq AL-awsat https://aawsat.com/english/home/article/2250146/berri-slams-lebanese-govt-inaction-over-financial-chaos
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