2024-01-13 06:45:34
A few days ago, Acting Governor of the Banque du Liban, Wissam Mansouri, called on banks interested in, and not yet participating in, the Bloomberg FX Interbank Matching System, to contact the company through its regional representatives to subscribe and begin preparing to participate in the training that will later enable them to work within the terms of the relevant circulars, which indicates that… The launch of the platform is soon.
In this context, financial and economic expert Dr. Bilal Alama considered via “Lebanon 24” that “what has been happening in the currency market since the beginning of the new year is as if it is under the supervision of the “Bloomberg” platform, but without an official announcement, and therefore the Bank of Lebanon is the one managing matters in terms of… The exchange rate, buying and selling, in preparation for the launch of the platform.”
He pointed out that “the platform was supposed to be launched last November, then it was postponed until December due to the war on Gaza and security tensions in Lebanon. Recently, the acting governor of the Bank of Lebanon announced that he would begin working on it on the first of next February, and he called on those who were not trained to operate the platform.” Enroll in training courses, especially financial companies, money changers, banks, and those involved in the process of buying and selling the dollar.”
He stressed that “this step is necessary and preliminary to completely managing the exchange market through Bloomberg,” pointing out that “the Bank of Lebanon’s circular or the acting governor’s directives are formal procedures leading to the implementation of Bloomberg’s accreditation as a platform for conducting dollar exchanges. The goal of this process is to rid the Bank of Lebanon of the burden of managing the exchange rate.” “Dollar.”
He concluded by saying: “Bloomberg is a platform for supply, demand, and formation of the price of the dollar. We will find ourselves facing an open market, and this matter may lead to an increase or decrease in the price of the dollar, and therefore this matter depends on the formation of supply and demand factors.”
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