MP Ibrahim Kanaan affirmed that “the elections will be held on time”, adding that the “Free Patriotic Movement is ready to undergo the elections and is currently preparing for its candidacies,” noting that “the final outcome of these preparations will appear before the end of the year.”

Speaking in an interview to Al-Diyar Newspaper, Kanaan referred to the Central Bank’s Circular #151 as being “a means of liquidating the losses and obligations of the state, BDL and the banks, at the expense of the weakest link, i.e. the depositors…From here came the movement of the Finance and Budget Committee, which was and still represents the depositors in this battle, while the state was divided between two parties: the IMF on one side and the banks on the other.”

Over future steps, he said: “They will be among the powers granted to us by the constitution and the internal system of the Parliament, through questions and interrogations, and approving proposals for laws such as the Capital Control, which the Finance Committee has accomplished since last June, and the authorization of withdrawals in US dollars and Lebanese lira according to the prevailing exchange rate.”

Kanaan considered that the optimal formula in this regards is an integrated and clear plan to schedule withdrawals of deposits in US dollars in the same currency and for a specific period of time. “As for deposits in Lebanese pounds, we must work to find fair solutions for their depositors,” he said.

“In light of the continued rise in the dollar exchange rate and the insane consumer prices’ hike, every delay in issuing the financing card and the fair mechanism execution required as an alternative to subsidy, as well as implementing reforms and restoring balance in budgets and stability in institutions, weakens confidence and puts pressure on the Lebanese lira, as it opens the door to speculation and smuggling without accountability or supervision,” Kanaan concluded.

Source: National News Agency