Commenting on the letter of the Central Bank Governor, Nadim Al-Qassar, Vice President of the Association of Banks in Lebanon, said, through Al-Markaziyah, that “the current government lacks the required awareness of the seriousness of the situation, specifically through its adherence to the continuation of the subsidy policy and its financing from the BDL reserve.
The Governor of the Banque du Liban, Riad Salameh, detonated a bomb that was correct in its timing and content, by sending him a letter to the Minister of Finance in the caretaker government, stressing the need for the government to quickly develop a clear vision for the subsidy policy that puts an end to the waste … and work to contribute to securing Hard currency imports to cover the cost of support … “.
The correctness of timing coincides with the successive campaigns against the ruler of the Central Bank and the Lebanese banking sector and their dress accusations of corruption and waste that brought the country to this level of decline … in order to divert attention from the state’s failure to direct its people to assume responsibility for public finances and protect it from political corruption and protect it from tampering. Political greedy for the country’s wealth and property … and its centers.
As for the correctness of the content, it lies in the appeal that the banking sector has always been the spearhead in waging the battle to stop subsidies in mercy for what remains of the compulsory reserve that goes back to the money of depositors … in addition to the fact that subsidizing commodities does not benefit the Lebanese but the Syrian majority, and what are the daily scenes in supermarkets But the best evidence for that, apart from cross-border smuggling and other illegal means to divert the support path from the right track.
Al-Qassar: The government lacks the required awareness
Commenting on the letter of the Central Bank Governor, Nadim Al-Qassar, Vice President of the Association of Banks in Lebanon, said, “The current government lacks the required awareness of the seriousness of the situation, specifically through its adherence to the continuation of the subsidy policy and its financing from the BDL reserves, until the matter reached its point in particular. In light of the accusations and the increasing fraud campaigns against the governor of the Banque du Liban, while the government decided to stop paying its debts under the pretext of preserving the depositors’ money in the Banque du Liban … but unfortunately it did the opposite, and declared its bankruptcy and decided to proceed with the subsidy policy, and today it resorts to what is left of The bank’s currency reserves are in violation of this law, which does not permit the violation of the “central” reserve.
Al-Qassar expected that tomorrow there will be additional campaigns against the ruler as a response to today’s book, “But all of these campaigns do not change anything in the painful Lebanese reality, noting that we and the ruler appealed for many months to the government and all concerned about the need to rationalize support … without us earning it. Unfortunately heed. “
In the context, he asked, “Is it permissible for Ibn al-Bekaa to search for a diesel plate while smuggling is prevalent across the border with Syria ?!” Then he said: From here it became feasible to stop the subsidies in order to avoid further bleeding in the reserves of the Banque du Liban.
The support plan proved unsuccessful
Commenting on the governor’s request in his letter to the Minister of Finance to “work to contribute to securing imports in hard currencies to cover the cost of support,” Al-Qassar reiterated that “the subsidy plan proved to be a disastrous failure because it did not reach the Lebanese citizen. Rather, the smugglers benefited, and the result was that the country, the citizen, and the depositor were lost together.” “.
He pointed out that “Governor Salama has endured more than his energy and beyond his powers in this matter, but if the government wants to contribute to securing imports in hard currencies to cover the cost of support, it must first provide a“ trust factor ”, because no one, internally or internationally, has no confidence. In this government, and therefore if it wants to secure external sources to attract money, it must first of all provide the confidence of the outside and the inside in it … and not by throwing accusations haphazardly here and there and declaring the people in charge of the country that everyone in Lebanon is not trustworthy and corrupt … so how will the money come What is hoped for Lebanon ?!
Al-Qassar concluded by saying, “As if Governor Salameh is telling the concerned people in this book, take the initiative to stop the campaigns against us to justify your failure, form a government and start reforms to start attracting money to Lebanon … and not distracted by useless things.”