Public Actions

Cabinet agreed Friday to take stronger legal action against those responsible for shaking public confidence in the Lebanese pound

Date: 
Friday, June 12, 2020

Rumors about the Lebanese pound’s exchange rate reaching LL7,000 to the dollar are suspicious and designed to spur unrest, President Michel Aoun indicated Friday following nationwide protests against the pound’s catastrophic depreciation. 

Prime Minister Hassan Diab added during the meeting that “harsh measures” were needed to prevent “additional setbacks,” and that the authorities must take “practical measures to give greater immunity to the government and state. Cabinet agreed Friday to take stronger legal action against those responsible for shaking public confidence in the Lebanese pound. Justice Minister Marie Claude Najm was tasked to work with the public prosecutor on identifying and opening legal cases against the source of the rumors.

Finance Minister Ghazi Wazni was put in charge of a to-be-created “crisis cell” that will meet twice weekly to discuss the latest financial and monetary developments. Central Bank gov. Riad Salameh will be part of this cell and will periodically submit “detailed reports” on BDL’s activities and state of financial affairs directly to Diab.

Security agencies will meanwhile be tasked to “strictly suppress violations” relating to exchange rate manipulation. They will have the power to seize sums of foreign currencies used by illicit traders.

Acting Bodies: 
Lebanese Government
Type: 
Resolutions
Categories: 
Economic measures (State budget, rent law, wages...)
Impact: 
National
Status: 
Approved/ Ratified
Civil Society Response: 
Not applicable