Thread by @megaphone_news

The central bank increased its foreign-currency reserves by nearly $650 million in less than 6 weeks by buying these dollars from the market.
#Lebanon #EconomicCollapse
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https://twitter.com/megaphone_news/status/1588147500132737027

#BDL’s bi-monthly balance sheet shows that its reserves increased to $10.27 billion, compared to $9.62 billion in mid-September.
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The central bank had to print Lira cash in order to buy these dollars, increasing the #LBP monetary base in the market from LBP 45.1 billion in mid-September to LBP 75.05 billion today, meaning the amount of cash increased by 1.66 times in less than two months.
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Though the #BDL’s mechanisms to buy dollars from the parallel market remain unknown, there is no doubt that it is increasing the value of its reserves at the expense of the Lira’s value, which deteriorates everytime cash is injected in the market.
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