EconomyLebanonMiddle East

Lebanon Sets Framework to Cope with Sharp Increase in US Dollar Exchange Rate against L.P.

In an emergency session at the Grand Serail on Friday morning, the Lebanese cabinet set the framework of coping with the sharp increase in the US dollar against the national currency as the Central Bank governor Salameh vowed to inject cash dollar into the market in order to reduce its price.

The session, which was attended by the representatives of the Money Changers Syndicate in addition to the premier, ministers as well as Salameh, led to an agreement between the conferees on the injection of cash dollar into the market, in view to facilitate the import of raw materials and to meet the needs of citizens.

“We are committed to the selling of dollar at an exchange rate of LBP 3,940,” Vice-president of the Money Changers Syndicate, Mohammad Halawi, said, calling on people not to resort to the black market.

The cabinet session was followed by a tripartite meeting between 

In a second meeting today, the cabinet is scheduled to convene at Baabda Palace to evaluate the framework set to confront the monetary crisis, knowing that media reports indicated the assessment meetings will become periodic.

Lebanon witnessed overnight nationwide demonstrations to protest the hysterical rise in the US dollar price which, according to media reports, hit 7000 L.L. Thursday night.

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