Lebanon s President Aoun holds central bank responsible for crisis msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
4 Min Read
BEIRUT, April 2 (Reuters) - Lebanon will run out of money to fund basic imports by the end of May and delays in launching a plan to reduce subsidies are costing $500 million a month, the caretaker finance minister, Ghazi Wazni, said.
As Lebanon’s economy crumbles, the central bank has asked the caretaker cabinet to decide how to gradually lift subsidies to ration remaining foreign currency reserves, Wazni told Reuters on Thursday.
“The government must speed this up. The cost of wasting time is very high. With every delay, it becomes higher,” he said.
Lebanon’s financial meltdown is fuelling hunger and unrest in the country’s gravest crisis since its 1975-1990 civil war.
After the collapse of the Lira Salameh has some ideas on how to improve its exchange rate – Ya Libnan yalibnan.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yalibnan.com Daily Mail and Mail on Sunday newspapers.
Lebanon s bank depositors dread losing life savings
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A bank was set ablaze by anti-government protesters at Al Nour Square in Tripoli, Lebanon on April 28. Photo by Wael Hamzeh/EPA-EFE
BEIRUT, Lebanon, Jan. 18 (UPI) Bank depositors in Lebanon, who woke up one day more than a year ago to face the painful reality that their life savings are stuck in the banks, are now bracing for the worst: Most of their money, if not all, is gone and cannot be recovered.
Political leaders are still quarreling over the formation of a new government and have failed to agree on a recovery plan that would help the heavily indebted country address its multiple troubles and open the door for outside financial assistance.
Lebanon's caretaker finance minister said it would contact a consulting firm on Wednesday to resume a forensic audit of the central bank, a key condition for foreign aid that has hit a roadblock.