Lebanon Businessnews News

Money changers go on strike
against rise in exchange rate
Rise driven by rumors

and unlicensed outlets

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Money exchange outlets have gone on strike until Monday in protest against the surge in the lira-to-dollar exchange rate.

The foreign exchange dealers said they have identified unfounded rumors and reckless economic analyses by fame-seeking electronic platforms, as well as unlicensed exchange outlets, as the culprits in this “crazy chaos”.

The board of directors of the Syndicate of Money Changers held an emergency meeting, after which it issued the following statement:

“As legitimate money changers, who are intermediaries, do not have a role to play in the face of this crazy chaos of the dollar price, fueled by often unfounded rumors posted on electronic platforms, and reckless economic analyses made in the pursuit of fame, which led to an environment of alarm amidst a negative general climate of economic and health problems, which drives citizens and traders to rush [to buy dollars].

And as the law-abiding money changers find themselves being "caught in the pincer grip" of supply and demand, and the competition of non-licensed changers. In fact, they are, as the rest of citizens, victims of the rise in the exchange rate.

And as the licensed money changers cannot continue in this status quo and so become false witnesses of what is happening, and as the Syndicate believes in the necessity of putting an end to turbulence in the exchange rate.

For all these reasons, the Syndicate of Money Changers in Lebanon is calling on its members to cease dealings as a protest stoppage until next Monday, warning of the continued deterioration of the exchange rate of the lira against the dollar. In the same way, the Syndicate expects the relevant political, regulatory, judicial, and security authorities to intervene, especially to suppress the anomaly represented by those masquerading as money changers and other negative factors that are leading to the deterioration of the exchange rate.”
Date Posted: Apr 24, 2020
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