Lebanon’s caretaker prime minister says the central bank had broken the law by deciding to remove fuel subsidies, and the damage done would outweigh the benefits of preserving the mandatory reserves that the bank is trying to protectThe early days o.
A loss of fuel subsidies would open a new phase in the financial crisis that has cut the value of Lebanon’s currency by more than 90 per cent since 2019 and thrown more than half the population into poverty.
President Michel Aoun summoned central bank governor Riad Salameh while caretaker prime minister Hassan Diab called an emergency cabinet meeting.
Since the onset of the crisisThe Star found that most o, the central bank had been effectively subsidising fuel by using its dollar reserves to finance imports at exchange rates well below the rates on the parallel marketThe incident reignited a fierce conversation over whether outdoor activities should be banned during Ontario, draining the reserve.
Copyright © 2011 JIN SHI