Kataeb's Social and Economic Council on Thursday slammed the current ruling authority for the deteriorating economic situation the country is experiencing today, blaming both the political system and Lebanon’s Central Bank for the currency’s collapse.

“It is important for the public opinion to realize that what led to the currency's deterioration is the political authority in coalition with the Central Bank, through the system’s failure in forming an independent government of specialists that would restore both internal and international trust through the seriousness of implementing reforms, which negatively affects the confidence in the Lebanese Lira and thus on the Lebanese’ future,” read a statement issued by the council.

“The useless and futile meetings that allow the security solutions to revive the economy, namely those related to the shutting down of electronic platforms and arresting cashiers, which increased the manipulation and the loss of market transparency,” it added.

The Council stressed the need to swiftly create a transparent exchange market protected from the political manipulation by updating the application of the electronic platform for exchange operations “SAYRAFA” and make it more comprehensive.

“As for the sustainable solution, it cannot be achieved with the presence of such a fallen, corrupted and illegitimate authority. Thus, the most important step for salvation remains liberating Lebanon from the system of interests and quotas, and handing over the country’s leadership to a team of honest and patriotic people so as to implement a comprehensive reform plan compatible with the country’s interest and the Lebanese alone,” it added.