By Reuters Staff
2 Min Read
FILE PHOTO: A man walks past the Central Bank building, in Beirut, Lebanon November 12, 2020. Picture taken November 12, 2020. REUTERS/Mohamed Azakir/ File Photo/File Photo
BEIRUT (Reuters) -Lebanon’s Central Bank urged the caretaker government on Wednesday to approve a plan to ration subsidies to target people in the most need, as the country struggles with a deepening economic crisis.
The bank reiterated that it would not use mandatory reserves to fund subsidies, which currently cost around $6 billion a year. Lebanon’s hard currency reserves have slumped from over $30 billion in late 2019 to just over $15 billion in March.
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