The rumor was confirmed on Twitter by Ogero Chairman, Imad Kreidieh, where he posted that he is under “tremendous pressure” to secure $4 million in order to avoid shutdown in March. The main issue? Securing the amount in foreign currency.
HOW TRUE IS THIS ?
If the blackout is possible, the Ministry of Telecommunication declared that they would not let it happen. Yet, the shortage of dollar liquidity is making it very difficult daily to maintain the import of goods. This informal capital controls imposed by the banks are most certainly taking a toll on the country, and it looks like we are heading back to the dark ages !
Also at risk: the cellular networks of the country. All due to the disappearance of dollars from the market, whereas it was the primary currency used in foreign exchange.
THE WARNINGS ARE SERIOUS
This is no joke, nor free speculation. The warnings are serious, and if the country does not find the funds, in US dollars, to secure crucial commodities and services, very soon, we might be disconnected from the rest of the world.
Chairman Kreidieh was supposed to meet with Central Bank governor Riad Salameh yesterday, in order to secure the foreign currency needed to pay international internet providers.
Let’s see what unravels from this…