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Lebanon's central bank secures dollars to cover some imports

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AP Beirut
Last Updated : Oct 01 2019 | 3:10 PM IST

Lebanon's central bank has issued guarantees to secure US dollars for local banks at the fixed official rate that would cover imports of fuel, wheat and medicine.

The central bank's move on Tuesday aims to ease the demand for dollars at a time when many Lebanese are rushing to exchange shops to convert their local currency into dollars.

Hundreds protested on Sunday over a worsening economic crisis, compounded by worries that Lebanon's dollar-reliant currency is losing value for the first time in more than two decades.

The central bank said the imports it's securing hard currency for are "only for local consumption."

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First Published: Oct 01 2019 | 3:10 PM IST

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