Lebanese pound slightly up; banks on one day strike
The Lebanese pound slightly rose for a second day Tuesday, trading at LL17,250 to the dollar on the black market, as the government partially cut fuel subsidies.
Beirut Lebanon Arab World News
The Lebanese pound slightly rose for a second day Tuesday, trading at LL17,250 to the dollar on the black market, as the government partially cut fuel subsidies.
The Energy Ministry raised petrol prices Tuesday, cutting fuel subsidies in a move aimed at alleviating crippling shortages and slowing the drainage of what remains of foreign currency reserves.
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Protesters blocked roads across Lebanon on Monday over a deepening economic downturn that has led to a fuel crisis and severe power shortages.
Banks in Lebanon will close Tuesday in solidarity with the Lebanese Swiss Bank, the Banks’ Association said in a statement Monday.