Lebanon's c. bank to intervene to protect local currency: PM Diab

A woman counts U.S. dollar banknotes as Lebanese pounds are pictured in the background at a currency exchange shop in Beirut, Lebanon. (Reuters)

Lebanon’s central bank will intervene in the market starting from Thursday to protect the Lebanese pound whose declining value has forced up the price of food and other commodities, Prime Minister Hassan Diab said.

“I received a promise from the governor ... that the bank will intervene in the market, starting from today, to protect the Lebanese pound and to rein in the rise of the dollar exchange rate,” Diab said in a televised speech.

The pound has lost more than half of its value since October.

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Last Update: Thursday, 21 May 2020 KSA 12:27 - GMT 09:27