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Sources reveal the smuggling of the dollar from the Lebanese market to four countries, including Iraq DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Sources reveal the smuggling of the dollar from the Lebanese market to four countries, including Iraq

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Sources reveal the smuggling of the dollar from the Lebanese market to four countries, including Iraq Empty Sources reveal the smuggling of the dollar from the Lebanese market to four countries, including Iraq

Post by RamblerNash on Thu Oct 31, 2019 11:01 pm

Sources reveal the smuggling of the dollar from the Lebanese market to four countries, including Iraq

Sources reveal the smuggling of the dollar from the Lebanese market to four countries, including Iraq Dolar

2019/10/31 00:15:16
Informed sources within the Lebanese banking sector revealed the existence of a systematic campaign to smuggle dollars from the Lebanese market to neighboring countries, including Iraq, Syria, Turkey and Iran.

Looking closely at the dramatic events of the past two months, he sees this campaign, which targets the reputation of Lebanese banks and creates a state of panic and intimidation that some are trying to spread in the hearts of the Lebanese to undermine the reputation of the Lebanese economy and shake the value of the national currency, according to sources.

Buds of this campaign began to emerge with the high tone of Hezbollah Secretary General Hassan Nasrallah against the backdrop of the US sanctions against Jamal Trust Bank, which were quickly translated into the Lebanese cash arena at the time with a "scarcity" in the dollar that coincided with information about the withdrawal of businessmen close to Hezbollah. God made their money from the Lebanese banks towards Syria.

Immobilize the economic movement

The dramatic track, as planned according to political whims, did not stop there, but was "baited" by all possible means to provoke panic among the citizens, prompting them to withdraw deposits of $ 2.5 billion in early October and stack them in their homes for fear of the greatest .

What did not take into account, with the start of popular protests against the regime and paralyzing economic movement, and with it the closure of banks for 13 days, which opened the door wide for further spread of rumors about the collapse of the exchange rate of the lira, and some money changers in violation of the law the official rate of the lira against the dollar The parallel market reached 1700 and 1800 lira against the dollar.

The state of chaos in the country was quickly exploited by some money-changers who smuggled large amounts of dollars in cash abroad, specifically to Turkey for profits and illicit trade, according to economist Jassim Ajaka in an exclusive interview with Arabic.

"In the past two days, a money changer trying to smuggle $ 1.3 million in cash out every 48 hours has been arrested, which is very dangerous because there are dozens of similar cases that follow the same approach for illegal gain," he said.

He added: "There are money changers who recently entered the Lebanese territory with different Arab currencies, and then switched them in Beirut markets to the dollar to be shipped to Turkey."

Conspiracy scenarios

According to information revealed to the Arabic.Net from banking sources informed, the smuggling of dollars from Lebanese markets abroad is not only Turkey, but also shipped to Syria, Iraq and Iran for use in financing operations in those countries already lack of dollars due to US sanctions On each other.

If the Attorney General of the discriminatory Ghassan Oweidat has ordered the prevention of the exodus of cash dollars in large quantities in the bags of money changers and merchants through Beirut International Airport and border crossings in an attempt to control the situation, saying in a statement Money. "

Although it is among the banking and financial laws followed, Law No. 42 dated 24/11/2015, which stipulates "the declaration of the transfer of funds across the border when the value of more than 15 thousand dollars or the equivalent in other currencies and who owns, source and destination", but the lesson remains in Controlling the already fragmented borders, especially illegal crossings on the Lebanese-Syrian borders.

Fearing for the lira?

Amidst all the conspiracy scenarios being woven against the reputation of Lebanon's banking sector, there are real fears and warnings of a runaway bank branches for citizens to withdraw their deposits or transfer money abroad after banks return to work on Friday.

Reassuring Ajla that there is no fear for the stability of the exchange rate of the lira against the dollar, and no rush will happen to the withdrawal of citizens money from banks, `` since most of the money deposited in banks frozen in return for depositors to receive high interest, however, banks are ready for all possible scenarios. ''

Loss of confidence

While he stressed that there are no restrictions imposed by the Banque du Liban on the movement of capital through the financial banking channels, as this will lose confidence in the banking system, but does not hide that the country will enter a new stage in the ceiling of cash withdrawal, ie, "cash."

In contrast, banking sources are reassured that the "systematic" state of intimidation is unfounded, and serves political backgrounds and some players on the scene, as banks continued to provide liquidity and some banking services during the closing period through ATM machines.

While rumors abound with the imminent financial maturity of the state to be repaid on November 22, high-level sources confirmed that the Central Bank of Lebanon will not default on the repayment of the country's outstanding debts of $ 1.5 billion, especially as the sources said, "the funds have been secured."


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