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Topic

Lebanon's GDP

Lebanon bank chief vows no forex raid to fund fuel unless law changed

Lebanon bank chief vows no forex raid to fund fuel unless law changed

Published 14 Aug, 2021 04:23pm
  • Foreign exchange reserves have dwindled in recent months to now stand at $14 billion -- approaching the minimum the bank is required to hold
  • "I will not review the removal of subsidies on fuel unless the use of compulsory reserves is legalised": governor
Lebanon raises fuel prices in bid to ease shortages

Lebanon raises fuel prices in bid to ease shortages

Published 29 Jun, 2021 04:58pm
  • The energy ministry said the average price of 20 litres of 95-octane gasoline was increased by 35% to 61,100 pounds.
  • Protesters blocked roads with burning garbage and tyres in Beirut on Monday. President Michel Aoun said the new prices should ease the crisis.
Lebanon's Central Bank calls for targeting subsidies

Lebanon's Central Bank calls for targeting subsidies

Updated 16 Jun, 2021 07:57pm
  • The bank reiterated that it would not use mandatory reserves to fund subsidies, which currently cost around $6 billion a year.
  • Lebanon's hard currency reserves have slumped from over $30 billion in late 2019 to just over $15 billion in March.
Lebanese central bank launches new foreign exchange system

Lebanese central bank launches new foreign exchange system

Published 20 May, 2021 06:48pm
  • President Michel Aoun said in March that banks would be allowed to handle transactions at market rates, but the central bank has only issued mechanisms in past weeks for the exchange platform.
  • It did not say whether customers would in future also be able to use the central bank's new Sayrafa platform to receive Lebanese pounds when selling dollars at a similar rate.
Lebanon's Central Bank calls for swift action to curb subsidies

Lebanon's Central Bank calls for swift action to curb subsidies

Published 14 Apr, 2021 05:35pm
  • The bank said it had been forced to sell dollars in recent months to prevent inflation, which has already reached 84%, from spiralling as high as 275%, and the remaining reserves needed to be protected.
  • The Central Bank said the government should act quickly because of "the danger of the situation and the economic and social impact of any delay."
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