Lebanons severe economic crisis, people protest against the central banks cancellation of import subsidies for some products

category:Finance
 Lebanons severe economic crisis, people protest against the central banks cancellation of import subsidies for some products


Central Bank of Lebanon

A day earlier, Riad Salame, President of the Central Bank of China, said it had asked the government to stop using foreign exchange reserves to subsidize imports, and that the central bank would end subsidizing imports of fuel, wheat, medicine and food at preferential exchange rates within two to three months. Some media reports said that the central banks move led to a large number of Li merchants to buy US dollars for import, and the local currency devalued again.

In recent years, Lebanons economy has been in a continuous downturn, with high public debt and high unemployment rate. At present, Lebanon is in the most serious economic crisis since its independence in 1943 because of its huge debt arrears. (CCTV reporter Guan Panpan)