SAWT BEIRUT INTERNATIONAL

| 28 May 2024, Tuesday |

Banque du Liban will not open new credits for subsidized fuel


An official source confirmed to “An-Nahar” that Banque du Liban will not open new credits for subsidized fuel, and announcing lifting of subsidies is just a matter of time.

On the other hand, an economic source confirmed to “An-Nahar” that if the monthly exchange rate of bank withdrawals increases from 3900 L.L. to 8000 L.L. or more,  with the formation of the government, this will inevitably lead to a decrease in “haircuts” on deposits from 80 percent to 60 percent, as the dollar is expected to fall to 12,000.L.L. on the black market.

The Lebanese are facing the worst financial and economic crisis in the modern history of Lebanon, and so Banque du Liban’s capability  to keep on subsidies for medicines, basic materials and fuels has declined, which has led to a decrease in their stocks, and the shortage in fuels in most gas stations.