Cassandra Hamade, “Akhbar al-Yawm” agency
This is what awaits the owners of restaurants, clubs and shops
31,32,33…37 and th black market dollar is soaring without limit. The Lebanese waited for the electoral entitlement, after it, the dollar fixed between 20 and 25 thousand, soared the next morning after the election day. Within a week, the dollar rose above 10 thousand lira. This is due to a variety of political, economic, and technical reasons.
Economist Walid Abu Sleiman explained via "Akhbar al-Yawm" agency that the main reason for the rise of the dollar in this way is the dark picture that came as a result of the division within the Parliament between two semi-balanced teams. Therefore, this division also delayed the first session of the council, knowing that the parliamentary sessions are necessary to approve some important laws and important reforms that bring closer distances with the World Bank.
What are the consequences of the first session on the dollar? Abu Sleiman replied: If they do not accelerate the reforms, time will be wasted and the crisis will worsen.
He explained that there are technical factors that influence the rise of the dollar such as speculation and manipulation in the parallel market. He referred here to the game of panic movement, i.e, the panic that afflicts the people with every rise in the price of the dollar and makes them rush to buy it.
He called on the people to preserve their dollars and not to succumb to manipulation in the parallel market.
As for the economic situation of summer 2022, Abu Sleiman concludes by stressing: it may be a "wonderful summer", but what we fear today is a social explosion that is disrupting Lebanon, making it difficult for restaurant owners, clubs and shops to commit to a clear price if this manipulation of the exchange rate continues.