Dollarization led to the stability of the lira

The Minister of Economy and Trade in the caretaker government, Amin Salam, considered that “the dollarization decision, which faced many objections in the Lebanese street, is a major reason for controlling the black market and ensuring the stability of the exchange rate of the Lebanese pound.”

He added in an interview with “CNN”: “The Ministry of Economy’s decision to dollarize prices has proven temporally and scientifically that it is a decision to create stability in the exchange rate of the local currency,” and he continued: “There is a study issued by the American University of Harvard that confirmed that it is the best decision, and that it was able to control the black market.” Which was exploiting the chaos to achieve huge profits at the expense of the Lebanese citizen.”

Salam also believed that “this decision served everyone, including citizens who receive their salaries in the local currency,” pointing to “the new law that will be issued soon to protect the Lebanese consumer, which will create revolution and stability in the market.”

He stressed that “the violations will range from one thousand dollars to five thousand, fifty thousand, or even one hundred thousand dollars,” adding: “The law requires taking judicial measures against anyone who violates this law,” stressing that “the decline in the exchange rate of the local currency against the US dollar contributed to creating a situation.” “From the indifference of merchants due to the low violation prices.”

He also announced that “fifty percent of the ministry’s transactions will be automated this month of April to facilitate citizens’ lives and reduce corruption rates by stopping any attempt at bribes, especially with transaction costs rising exponentially with the spread of corruption.”