BEIRUT: The launching of the Central Banks electronic platform had little or no impact on the sharp devaluation of the Lebanese pound against the dollar as most banks and licensed exchange dealers are still trying to adapt to the new technology.

BDL did not issue any statement about the platform Tuesday despite reports that the platform has been activated.

Mahmoud Halawi, the head of the licensed exchange dealers, said the exchange offices are still trying to grasp BDLs software that was installed on most of the computer units.

We are still trying to understand this new software. It will take some time before the staff learn how to use it. This software is like a new car. You need some time to learn how to drive and his concept also applies to BDLs software, Halawi told The Daily Star.

The dollar in the black market traded between LL12,700 to LL12,800, compared to LL12,650 on Monday.

Some bankers said that it is wrong to assume that the platform would help improve the pound rate in the black market or decrease demand for the dollar banknotes.

The platform is basically designed to regulate the black market and calculate the actual volume of transactions on daily basis. The citizens and merchants will still be buying and selling dollars based on the rates of the black market. The rates on the platform will be very close to the rates of the black market, one banker said.

The Central Bank has asked commercial banks and licensed exchange dealers to prepare the platform before April 16 and to train all the staff to use this new system.

The partners in the platform remained the same: the Central Bank, banks and money changers, with the difference of allowing banks to sell and buy dollars in cash, according to internal operational mechanisms, work, monitoring and control mechanisms, determined by the Central Bank.

Bankers stressed that the only way the dollar rise can be halted is for BDL to inject millions of dollars in the market each day.

But the question is: will BDL use the remaining foreign currency reserves to help stabilize the pound? The answer I believe is no, another banker said.

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