May 15, 2020 / 11:31 AM / 22 days ago

Lebanese to provide USD for imports at 3,200 rate to cut food prices

BEIRUT, May 15 (Reuters) - The Lebanese central bank will provide dollars for imports at an exchange rate of 3,200 Lebanese pounds with the aim of reducing food prices, the central bank said in a statement on Friday.

“Banque du Liban will continue to inject dollar banknotes that it acquires via the banks with the aim of financing imports at the price of 3,200 Lebanese pounds per U.S. dollar with the aim of reducing the price of food products,” the statement said.

Dollars have been changing hands at rates above 4,000 pounds on a parallel market for hard currency. The central bank is already providing dollars for the import of wheat, fuel and medicine at a rate of 1,507.5 pounds - the official peg. (Writing by Tom Perry; Editing by Jon Boyle)

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