Aoun Says Thursday's Dollar Surge May be Part of 'Plot'

President Michel Aoun on Friday suggested that Thursday’s dramatic rise in the dollar exchange rate on the black market could have been part of a “planned plot.”

“Financial experts stressed that the dollar or any other currency cannot jump to this extent within hours. This removes the spontaneousness label from everything that happened and indicates the presence of a planned plot against which we must show solidarity,” the president told a Cabinet session in Baabda.

“What happened yesterday as a result of the unjustified rise in the dollar exchange rate makes us wonder whether the number given to the price of the dollar was a rumor that was circulated to push people into the streets and spark confrontations, and whether it was a political ploy, a banking ploy or something else,” Aoun added.

He also noted that authorities will start implementing a “measure” as of Monday under which the central bank will supply the market with dollars and the exchange rate will “gradually drop.”

Aoun also pointed out that “the government, the central bank and banks should bear the financial losses, not depositors.”

Prime Minister Hassan Diab for his part said the country “cannot withstand further shocks.”

“Harsh measures are required against any individual or side that resort to this approach and practical measures should be taken in order to grant bigger immunity to the government and the state,” Diab added.