The fluctuations of the dollar .. a banking official reveals what is going on behind the scenes

Ali Zain Al-Din wrote in “Asharq Al-Awsat”: “The heads of cut-off rooms in a number of banks contacted by Asharq Al-Awsat agree that the contradictory movements of monetary exchanges between recording a strong improvement in the price of the lira and then losing it quickly within hours, actually reflect the capabilities of coordinated speculators. Most of the time, trading prices and their margins are determined individually, which easily explains the nature of the fluctuations that accompanied the day of consultations with the dollar’s ​​price dropping to the threshold of 16 thousand pounds, before returning to jumping above the threshold of 18 thousand pounds, in the complete absence of any psychological or objective novelty that justifies these movements and their differences. .

The officials point out that the speculators are consolidating their pivotal role in succession as market makers, and they have the status of “the strongest player” in executing the exchanges, despite the small volume of operations, which averages about 5 million dollars, due to the decline in the role of the Central Bank of Lebanon and consequently the banking system, due to the depletion of sums He has free reserves of hard currencies and his role is limited to partial financing, which is not guaranteed to continue even in the short term to import some vital commodities.
A banking official asserts that fabricating positives through unconfirmed facts leads to many savers, regardless of the size of their sums, in favor of speculators who reap the price differences up and down. And it became necessary, in light of these thorny facts, that the monetary authority regain some of its prestige and its role in the money markets, instead of just keeping pace with exchanges of limited size and impact on a weekly basis, through the platform managed by the Central Bank, the last of which was last week, where 3 million operations were carried out. Only dollars at a price of 17.5 thousand pounds, knowing that the pricing of the platform started mainly from the level of 12 thousand pounds.
The banker points out that the witnessed internal stumbling in the approach to constitutional and political benefits is the main factor in feeding the monetary chaos that is based, especially on the control of phone applications in monetary exchanges outside the central bank system, and through them the entire pricing process in the consumer markets, where high costs accumulate on the economy and the livelihood of the population. .

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