EconomyLebanonMiddle East

Lebanon Judiciary Investigating National Currency Fall Crisis

Lebanon’s financial prosecutor, judge Ali Ibrahim, interrogated on Friday the head of the cash operations at the Central Bank, Mazen Ibrahim, over the country’s monetary crisis represented by the dramatic drop of the national currency’s exchange rate against the Us dollar.

Hamdan is accused of manipulating the dollar exchange rate by selling it to the money changers, which led to the free fall of the Lebanese currency. Judicial sources told Al-Manar reporter that Hamdan was arrested for violating the orders of the BDL’s orders and instructions.

Al-Manar reporter mentioned that a large number of money changers have been arrested in the same case, noting that this would halt the dramatic increase of the dollar exchange rate.

In a statement, the Central Bank said the transactions with private traders over one month were of a limited quantity and were no match to the fluctuations witnessed in the market. It added that no transactions with exchange bureaus occurred after May 5.

“There are no manipulations in the exchange market as a result of transactions with the central bank,” it said.

Al-Manar reporter wondered whether the BDL governor did not have access to Hamdan’s commitments, asking why the latter did not follow up with the money changers the dollar exchange rate.

Al-Manar reporter also mentioned that the Central Bank sold US dollars to a Syrian national, which is forbidden by law.

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