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Central Bank Governor Salameh: Ready to use mandatory reserves if law issued

Lebanon Economy

14-08-2021 | 03:46

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Central Bank Governor Salameh: Ready to use mandatory reserves if law issued

Lebanon’s Central Bank Governor Riyad Salameh said on Saturday that the bank is ready to use its mandatory reserves to finance fuel imports if the necessary legislation is passed, adding that this could be done quickly.

In an interview broadcast on Saturday, Salameh said central bank reserves stood at $14 billion. He said the formation of a new government with a reform program was another way to resolve the crisis in Lebanon, which is suffering crippling fuel shortages.

Salameh also noted that all officials “were aware of the decision to lift fuel subsidies.”

“It is unacceptable to spend $820 million on fuel with fuel oil, gasoline and electricity still absent from the market,” he added.

This week the Central Bank announced an effective end to fuel subsidies that have drained the reserves at a time when Lebanon is in a state of financial collapse.

LBCI/REUTERS

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