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Lebanon gov’t will dump dollars into market: Minister

Published: (Updated: ) in Australian News by .

Following a night of protests in Beirut, businesses across Lebanon are closing for as the value of the local currency fluctuates rapidly.In response, the Minister of Industry Imad Hoballah announced

Following a night of protests in Beirut, businesses across Lebanon are closing for as the value of the local currency fluctuates rapidly.

In response, the Minister of Industry Imad Hoballah announced on Friday it will dump fresh dollars in the economy in an attempt to stabilize the exchange rate. Also on Friday, the Syndicate of Money Changers said it would commit to selling the dollar at 3,940 Lebanese lira, local news station MTV reported.

The Lebanese lira, which is officially pegged to the US dollar at 1507 to $1, has lost over 60 percent of its value in recent months. The central bank has tried to manage the spiraling rate by setting the exchange rate at 3,850 to $1, but has done so unsuccessfully with the value reaching close to 6,000 to $1. One individual in the country’s Bekaa Valley east of Beirut reported rates closer to 7,000 to the dollar.

Wednesday, exchange dealers were buying dollars at 4,600, Reuters reported.

Source: News https://english.alarabiya.net/en/News/middle-east/2020/06/12/Lebanon-gov-t-will-dump-dollars-into-market-Minister.html

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