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00:00 Regarding the exchange rates, there will not be a return to the multiple exchange rates.
00:05 Things must be defined as they are.
00:07 The current exchange rate is the real exchange rate for the US dollar in the equilateral market,
00:13 which is today in Lebanon 89,500 Lira.
00:16 Any other exchange rate for what is called the "economic dollar",
00:19 let's call it what it is, is a haircut, a deduction from the deposit of the depositors when they withdraw this money.
00:26 The haircut, or in terms of capital control, meaning the amount that can be withdrawn at the actual time,
00:31 these two things are only in the laws that are issued by the Parliament.
00:35 Therefore, the Central Bank, from the previous one until today,
00:40 has put the issues to be issued, as we said, in the appropriate laws,
00:44 and on top of that, has made a clear and swift decision in terms of the re-establishment of the banks,
00:49 and the distribution of the financial surplus, meaning the distribution of losses in the system,
00:53 so that the depositor does not bear a part of the losses, or a large part of the losses,
00:58 because the depositor, every day, is late, he already has losses, he is bearing losses.
01:02 For this reason, it is necessary that today, the day before tomorrow,
01:05 clear laws be put in place to answer the depositor on when he wants to withdraw,
01:11 what conditions he wants to take,
01:12 there was a request from the Lebanese government, and I hope it will be studied seriously.
01:16 As the Central Bank's governor, I have imposed the complete transparency in the work of the Central Bank
01:21 and in the banks' budgets.
01:22 For this reason, the Central Bank's budget has been disbursed, in total, 167,
01:27 and this is the second request from the Central Bank's government,
01:29 which has completed a program with Lebanon.
01:32 The disbursement of the bank's budget has been unified for all the banks,
01:35 so there is no redundancy in the disbursement of the bank's budget,
01:39 including the Lebanese deposits, which have become the actual disbursement of the budget.
01:42 And this is where the main question comes in.
01:44 Can all the money be paid today, whether in Lebanese Lira or in the US Dollar,
01:49 to all the depositors? The answer is that all the Lebanese and all the depositors know.
01:54 Today, I don't know, today, on April 16 or 17, 2024,
02:00 the money is completely absent, and it cannot be fully refunded.
02:04 What is required today is to put in place a suitable plan,
02:07 a suitable and acceptable plan to refund the depositors' money.
02:10 And this matter has conditions, and in my opinion, it is a path.
02:15 The matter should not be linked to being realistic in the current situation, as I said.
02:19 The war in the south, the lack of political and economic stability,
02:22 and a decrease in state income and the absence of growth,
02:25 all these things mean that the refund of the deposits today is impossible,
02:29 but a path should be taken, starting today,
02:32 to prepare a clear plan to refund the depositors' money.