central bank to intervene to protect Lebanese pound By Reuters

© Reuters. FILE PHOTO: Lebanon’s PM Diab arrives at presidential palace in Baabda

BEIRUT (Reuters) – Lebanon’s central bank will intervene in the market starting from Thursday to protect the Lebanese pound whose declining value has forced up the price of food and other commodities, Prime Minister Hassan Diab said.

“I received a promise from the governor … that the bank will intervene in the market, starting from today, to protect the Lebanese pound and to rein in the rise of the dollar exchange rate,” Diab said in a televised speech.

The pound has lost more than half of its value since October.

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by : Reuters

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