"First, they revolve around the increased political uncertainties leading to a gradual loss of confidence. Following the Beirut explosion, many countries offered their financial backing to Lebanon. The excess volume of Lebanese currency in circulation over the past months has been alarming and is causing inflation to spiral out of control amid rising demand for US dollars and other foreign currencies, financial analysts have told Arabian Business. The statement cited ABL chairman Salim Sfeir as saying the meeting “was very positive”. This excessive money creation has put pressure on the parallel exchange market and fueled inflation.”, He added: “While the effects of any immediate measure to curtail currency depreciation and inflation would remain temporary, a containment of monetary drift looking forward is conditional upon a positive confidence shock related to political and economic management and a parallel containment of Lebanon’s excessive creation of money.". Currency in … Newly-appointed Prime Minister Mustafa Adib said that “Lebanon doesn’t have the luxury to waste time amid the unprecedented crises it is going through,” adding that he would cooperate with Lebanese President Michel Aoun in finalising the new cabinet lineup. Contact Dan BurkeCity Auditor Email 50 S. BroadwayLebanon, OH 45036Ph 513 228 3163 About the Finance DepartmentThe Department of Finance operates under the direction of the city auditor and consists of the Finance Department, the Division of Payroll and Personnel, and the Division of Taxation. Sarah El-Richani, a professor of mass communications at the American University in Cairo, referred to the regional context, specifically the recent US sanctions on Hizbullah figures and companies linked to it. The reasons for the depreciation of the local currency relative to the US dollar are actually multiple. The new government, which must still win a parliamentary vote of confidence, faces a liquidity crunch that has fueled inflation and weakened the Lebanese pound. Easing the pressure on Hizbullah and Iran would probably see the resolution of the impasse in Lebanon,” El-Richani explained. But quick reforms were demanded by the United States, the European Union and others in return of maintaining their financial support. “It appears that some did not understand or did not want to understand that the French initiative is the last opportunity to save Lebanon and to prevent its disappearance, as the [French] foreign minister said clearly,” Jumblatt tweeted. On Twitter, Al-Hariri, a former prime minister, said that “rejecting the idea of switching the control of ministries was frustrating” as it served as the “last chance to save Lebanon and the Lebanese people.”. Lebanon's Finance Ministry no one's exclusive right: Former PM He added that the refusal to rotate key ministries was sabotaging the last chance to save Lebanon and the Lebanese people Former Lebanese Prime Minister Saad Hariri speaks at the presidential palace in Baabda, Lebanon August 31, 2020. The central bank told commercial banks in December to cap their interest rates on deposits in foreign currencies at 5% and to cap the rate on Lebanese pound deposits at 8.5%. Printing more Lebanese pounds when the reserves of foreign currencies (especially the US dollar) are depleted also means that the value of the pound will continue to drop in the face of these currencies, analysts told Arabian Business, adding that it will have a direct impact on the local market and prices will soar as a result. Earlier in September, Kassem Hachem, a key figure in speaker Nabih Berri’s bloc in parliament, was reported as saying by Reuters that Berri had insisted that Lebanon’s new finance minister be Shia, as has been the case previously due to Lebanon’s sectarian power-sharing system. Shia political forces, mainly Hezbollah and Amal Movement, insist on choosing a Shia figure for finance minister, which is oposed by many of the country's politicians and religious figures.
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