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FinancialNews


  • 08-12-19

    Lebanon: international financial support to help secure import of food

    (MENAFN) Additional international financial support was requested by Lebanese caretaker Prime Minister Saad Hariri on Saturday, to help protect Lebanon's import of food and raw materials.


    The demand was made in his letters sent to Germany, Britain and Spain, according to a statement by Hariri's office; Lebanon has begun facing difficulties in importing some of its basic products because of the lack of U.S. dollar in the market.


    The economic slowdown and the decrease in cash injections from the Lebanese expatriates have reduced the central bank's foreign currency reserves, causing a lack in dollar for businesses and individuals.


    The demand for dollar has made a parallel market in Lebanon, in which one dollar is being sold for over 2,000 Lebanese pounds, more than the official exchange rate.

    MENAFN0812201900450000ID1099387103

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