Dear friends and family abroad,
The HOME community has watched with great admiration how the Lebanese diaspora has supported the protests at HOME with equally impressive demonstrations in major cities around the world. While we have had many protests in Lebanon in the past, we have hope that something different is happening this time. We are hopeful that talks on a possible political process will prevent a constitutional void. Yet, we aspire to prepare against any immediate unintended financial panic after the success of the revolution. This is where you, the diaspora, can help us capitalize on this great momentum abroad for the well-being of our HOME, Lebanon.
We are a group of independent, nonpartisan and caring citizens, some of us banking and finance professionals.
We are concerned about financial stability in Lebanon and urge you to help prevent further deterioration of the economy in the wake of current events.
The idea is for each capable individual or household of the diaspora to transfer to $1,000 or EUR1000 or CHF1000 or CAN$1000, or more if they can, from abroad to his/her own bank account, or that of a close relative (parent, child etc.) or trusted person in Lebanon. This initiative would have two major outcomes:
1. Boost foreign currency reserves in the banking system to stabilize the USD-LBP exchange rate.
2. Raise the liquidity needed to boost the purchasing power and consumption in the country, thereby having a positive impact on GDP through what is called the “multiplier” effect.
There should be no fear whatsoever of this money being misappropriated as it is going to your own bank account or that of a relative or person you trust. It is not a fund or donation. The aim is, if carried out quickly and on a large scale, to inject badly needed liquidity into the local banking system, in foreign currency, to help reduce the impact of the current and/or potential funds moving out of Lebanon.
We do not believe that Lebanese banks are at risk in any way, as countless studies and statements from international organizations conclude that they are well capitalized and resilient to shocks. However, they still depend on financial flows from abroad to remain strong and support the local economy and currency, which is why we are suggesting the diaspora unite – this time financially – to help mitigate this risk.
You have shown amazing solidarity in these testing times. Now we need concrete action to support the economy and financial system, let us make a difference on the ground to prevent leaving our families and loved ones facing a collapsing economy. You, the diaspora, and with a modest amount wired to your own accounts in Lebanon, can make the difference. In your transfer description, kindly use the word #helpLebanon
God bless our people, its diaspora and Lebanon.
HOME Community: An embracing community that thinks, dreams, plans, feels and works for what Lebanon ought to be.