سياسة تثبيت سعر الصرف: تقشّف وتجفيف للسيولة

جريدة الأخبار

| ماهر سلامة |

عاد نموذج تثبيت سعر الصرف إلى السياسة النقدية لمصرف لبنان، لكن هذه المرّة على سعر أعلى بكثير من 1500 ليرة لكل دولار. فقد استقرّ سعر الصرف بين 89 و90 ألف ليرة، وهو على هذه الحال منذ صيف عام 2023. في هذه المعادلة، ثمة متغيّر أساسي أسهم أصلاً في ارتفاع سعر الصرف إلى مستويات قياسية حين بلغ 140 ألف ليرة للدولار في الفصل الأوّل من عام 2023، وهو الكتلة النقدية المتداولة بالليرة اللبنانية. أصبح واضحاً أمام المراقبين انخفاض حجم الكتلة النقدية الموجودة في التداول. فبعدما بلغت نحو 83 تريليون ليرة في شباط 2023، بدأت بالانخفاض بشكل متسارع في نهاية تموز من السنة نفسها، حتى أصبحت نحو 55 تريليون ليرة في نهاية شباط الماضي. ويعزى هذا الانخفاض إلى السياسة النقدية التي اتبعها مصرف لبنان بالتنسيق مع رئيس الحكومة نجيب ميقاتي ووزير المال يوسف الخليل، والقائمة على أن تستعمل الضريبة كأداة لسحب السيولة بالليرة من السوق وتجفيفها بهدف تقليص الطلب على الدولار.

وتزامن هذا الأمر مع الدولرة النقدية التدريجية في السوق والتي تحفّزت بفعل قرارات رسمية صادرة عن وزراء الاقتصاد والسياحة والطاقة تسمح بتسعير السلع وبيعها بالدولار، ما يعني تخفيف استعمال الليرة في السوق.

أتت هذه الإجراءات من أجل كبح المسار السابق الذي اتبعه مصرف لبنان وتمثّل في ضخّ السيولة بالليرة بكميات كبيرة، ما انعكس طلباً إضافياً على الدولار في السوق وأسهم في ارتفاع سعر الصرف. فمنذ بداية الأزمة، ومع انهيار سعر الصرف، اتبع المصرف المركزي سياسة نقدية تقضي بالسماح بتعددّية أسعار الصرف بالتوازي مع تضخّم الأسعار وضخّ السيولة بالليرة. هكذا، اقترن ارتفاع سعر الصرف مباشرة بالتضخّم في حجم الكتلة النقدية المتداولة في السوق. وبقي الترابط بين سعر الصرف وحجم الكتلة النقدية مرتفعاً طوال الأزمة. فكلما ضخّ مصرف لبنان ليرات في السوق، ارتفع سعر الدولار وانخفضت قيمة الليرة وتضخّمت الأسعار الاستهلاكية. وعلى شكل حلقة مفرغة، كلما تضخّمت الأسعار تطلّبت تغطيتها بمزيد من ضخّ السيولة وانخفاض أكبر في قيمة الليرة.

كل ذلك، توقف في منتصف صيف 2023 حين قرّر مصرف لبنان تضييق عمليات «صيرفة» إلى أن أوقفت نهائياً بعدما انتهت ولاية رياض سلامة وحلّ محلّه نائبه الأول وسيم منصوري، الذي أعلن أن السياسة النقدية ستبنى على وقف تمويل الحكومة وتثبيت سعر الصرف.

ولتحقيق هذه الأهداف، قرّر منصوري سحب الكلتة النقدية بالليرة من خلال التنسيق مع السياسة المالية (الضرائب). هكذا، سجّلت الكتلة النقدية انخفاضاً متسارعاً من دون أن يسجّل أيّ تغيير فعلي في سعر الصرف. لكن انخفاض حجم الكتلة النقدية بنحو الثلث لم يتلازم مع أيّ انخفاض في سعر الصرف. فعندما كان سعر الصرف في منتصف تموز 2023 نحو 92 ألف ليرة للدولار، بلغ حجم الكتلة النقدية نحو 79 تريليون ليرة. أما في نهاية شهر شباط، فقد بلغ سعر الصرف نحو 89700 ليرة للدولار، فيما انخفضت الكتلة النقدية إلى 55 تريليون ليرة. أي أنه في هذه الفترة انخفض حجم الكتلة النقدية بنسبة 30%، بينما لم ينخفض سعر الصرف إلا بنحو 3%. عملياً، العلاقة بين سعر الصرف والكتلة النقدية ظهرت في مسار ارتفاعهما المتوازي، بينما لم تظهر عند انعكاس المسار.

هل يعني ذلك أن حجم الكتلة النقدية لم يكن العامل المحرّك لسعر الصرف؟ هذا يعني أن هناك تدخّلاً يحصل من قبل مصرف لبنان للحفاظ على سعر للدولار أعلى من قيمته الفعلية. ويحصل ذلك من دون أن تنخفض احتياطات مصرف لبنان بالعملة الأجنبية، أي أنه لا يضخّ الدولارات من أجل تعويم السوق وتغطية الطلب على العملة الأجنبية. بالعكس، كانت هذه الاحتياطات تتزايد، ولو بشكل طفيف وبطيء. وهذا يعود إلى كون مصرف لبنان يستعمل السيولة بالليرة التي يسحبها من السوق بواسطة الضرائب، من أجل شراء دولارات يعيد ضخّها في السوق بطرق مختلفة، بينما ينتج من حصيلة هذه العمليات فائض بالليرة لدى المصرف المركزي يتيح له تسجيل انخفاض في الكتلة النقدية المتداولة.

عملياً، الأرقام التي ينشرها المصرف المركزي بشكل نصف شهري أو شهري، لا تسمح بتحليل ما يقوم به مصرف لبنان، لكن الأرقام في السوق (سعر الصرف الثابت، وتحركات الكتلة النقدية) توضح أن هناك تدخّلاً.

عملياً، عادت السياسة النقدية اللبنانية إلى ما كانت عليه في زمن تثبيت سعر الصرف على 1500 ليرة للدولار. في ذلك الوقت، كانت القيمة السوقية لليرة ثابتة أمام الدولار، لكن القيمة الحقيقية للعملة الوطنية لم تكن معلومة، إذ إن سعر الصرف في السوق لم يكن يعبّر عنها. واليوم القيمة السوقية لليرة ثابتة تقريباً، لكن قيمتها الحقيقية لم تعد واضحة. ما هو واضح الآن هو أن الأسعار الاستهلاكية في السوق عادت إلى الارتفاع إلى مستويات ما قبل الأزمة بعدما تآكلت المداخيل وتراجعت قوّتها الشرائية بنسب هائلة، وهذه هي الكلفة التي يدفعها المستهلك في سياق سياسة مصرف لبنان القائمة على تثبيت سعر الصرف وتقشف الحكومة في الإنفاق وتجفيف السيولة.

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