Head of the Kataeb’s Economic and Social Council Jean Tawile  said that thee adoption of the dollar in the commercial, tourism and medical sectors, among others, and the Lebanese pound in other sectors such as the public sector would have dramatic repercussions in Lebanon, as it deepens the divide between the rich and the poor.

“Currency is based on confidence. In Lebanon, people have lost confidence in the national currency, which is currently being printed out to secure public sector salaries,” Tawile said in an interview with Al-Monitor website.

“How many dollars are left in the Central Bank? More than 80% of our economy is dollarized, so dollarizing the remaining percentage would be the best option,” he added.

“I was one of the people who clung to the local currency. But three years into the economic and monetary crisis, and after spending about $25 billion from the Central Bank reserves, and the political authority’s refusal to carry out any economic reforms, comprehensive dollarization seems to be the only option to stabilize the currency. Dollarization will force political parties to come up with a joint political decision in this regard,” he pointed out.