Governor of the Central Bank, Riad Salameh, issued on Thursday a statement in which he announced new measures to protect the national currency by providing enough dollar to import the basic foodstuffs.
The statement read:
“As of May 27, 2020, the Bank of Lebanon will start implementing the necessary measures to protect the Lebanese Pound, including securing dollars to cover the import of basic foodstuffs, as per a memorandum to be issued in coordination with the Ministry of Economy. Banks can contribute to these operations in coordination with the Bank of Lebanon.”
Lebanon has been suffering from a sharp increase in the exchange rate of the US dollar against the Lebanese Pound, which led to major inflation crisis and prices hike.
Source: Al-Manar English Website and NNA