DUBAI (Reuters): Lebanese fuel prices are expected to climb sharply after the government decided to raise the exchange rate used to price it to 8,000 pounds to the dollar from the previous level of 3,900, officials said, in a bid to ease crippling fuel shortages.
Central bank governor Riad Salameh told Reuters the bank’s Sayrafa platform would provide dollars for fuel imports at its market rate, which was 16,500 on Friday, a little below the parallel market rate of around 19,000.
He said the difference between the Sayrafa rate and the 8,000 level would be a loss to be carried by the government.
A statement issued after a meeting between Salameh, President Michel Aoun and other government officials said the central bank will be opening a temporary account up to a maximum of $225 million until the end of September to cover the subsidy.
The move was to cover “urgent and exception subsidy” for gasoline, fuel oil and cooking gas, it said.
F.P. Report RAWALPINDI: General Angus J. Campbell, Chief of Defence Forces Australia, paid a visit…
(Reuters): Following are reactions from foreign governments and officials to the news that a helicopter…
ATLANTA (Reuters): U.S. President Joe Biden delivered the commencement address at Morehouse College on Sunday,…
Yossi Mekelberg Israeli Prime Minister Benjamin Netanyahu avoids giving interviews to domestic media outlets, as…
Sir Alan Duncan More than 13 years since the onset of civil war, the suffering…
Hafed Al-Ghwell Once hailed as the Arab Spring’s lone democratic success story, Tunisia is now…
This website uses cookies.