The Central Bank, as expected, has failed to control the currency peg’s implosion despite his recent promises to launch an online platform for exchange officers and start providing dollars. No one in his right mind is expecting the U.S dollar to go back to LL1,500 but no one expected it to reach a record high in less than 24 hours.
Why did that happen? At this point, it’s hard to say but we cannot but connect Salameh’s recent disapproval of the numbers being shared with the IMF and the soaring dollar, add to that the reluctance of currency exchange offices to give out dollars, to benefit from higher rates in the black market where many of them are definitely involved in.
Despite all that, the government has yet to take any measures or propose solutions to control the prices, offer incentives to boost local industries and start fighting corruption & cutting expenses. I am not really sure what they’re waiting for.