Mr. Maurice Matta, an economical expert, was the speaker of a very productive talk that hosted a full house of interested minds. Although some had misconceptions, thinking that the revolution lead to the economic crisis, Mr. Matta explained that this crisis was going to happen sooner or later regardless of the uprising. It is the crisis that led to the revolution, not vice versa. As for the banking sector and the fixation of the peg currency, Mr. Matta explained the systems of “capital control” and “haircut” on depositors’ money.

Moreover, the floor was opened for a debate about why some employers gain their salaries in the dollar currency rather than the LBP and thus supporting local transactions. Mr. Maurice emphasized on the fact the dollar should be left for investments and international businesses. Furthermore, he quoted, “In times of hardship, whether unemployment or hunger it affects all people from all classes and from all regions, in the end the economy affects the whole population.”

He also stressed on the measures BDL (Banque Du Liban) had to take in order to protect the currency and the limitations on withdrawing money the private banks adopted. In addition, he shed light on the appearance of the black market and exchangers misuse of the current situation. Lastly, he fully appointed fingers on the government for the crash of the economy and devaluation of the currency due to their high reliance on debt without having the proper means and studies to figure out their capabilities to repay back.

-Written by Karim Ghamrawi