News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
17
o
Bekaa
9
o
Keserwan
16
o
Metn
16
o
Mount Lebanon
11
o
North
16
o
South
15
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Crystal
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
17
o
Bekaa
9
o
Keserwan
16
o
Metn
16
o
Mount Lebanon
11
o
North
16
o
South
15
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Series
Movies
Documentaries
Variety
Comedy
Talk Show
News Bulletin
Sports
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Lebanon's Central Bank calls for swift action to curb subsidies
News Bulletin Reports
14-04-2021 | 08:09
High views
Share
Share
Lebanon's Central Bank calls for swift action to curb subsidies
Watch now
More details about online video viewing packages
2
min
Lebanon's Central Bank calls for swift action to curb subsidies
Lebanon’s Central Bank called on the country’s caretaker government on Wednesday to urgently adopt a plan to limit spending on subsidies to protect remaining foreign currency reserves.
The bank said it had been forced to sell dollars in recent months to prevent inflation, which has already reached 84%, from spiralling as high as 275%, and the remaining reserves needed to be protected.
The comments echoed warnings from caretaker Finance Minister Ghazi Wazni, who said two weeks ago that Lebanon would run out of money to fund basic imports by the end of May and delays in reducing subsidies were costing $500 million a month.
Foreign currency reserves stand at around $15.8 billion, Wazni said. That meant, at best, two months of subsidies left before hitting obligatory reserves -- hard currency deposits parked by local lenders at the central bank -- which he estimated at $15 billion.
The Central Bank said the government should act quickly because of “the danger of the situation and the economic and social impact of any delay.”
A financial meltdown, which has seen the currency lose up to 90% of its value, is fueling hunger and unrest in the country’s gravest crisis since its 1975-1990 civil war.
The government’s plan aims to halve the $6 billion in annual spending on subsidies, but will need parliamentary approval and could take some time.
Politicians have yet to agree an economic rescue plan or a new government since the outgoing administration quit in August over the massive Beirut port explosion that killed 200 people.
REUTERS
To watch the full report, please click on the video above.
Breaking Headlines
Lebanon News
News Bulletin Reports
Lebanon
Central Bank
Next
Israeli army plans to reinforce border with Lebanon, prepares for withdrawal from Western sector
Recommended For You
d-none hideMe
0
News Bulletin Reports
13:20
Key questions loom ahead of US envoy Morgan Ortagus' Beirut visit: Will Hezbollah's disarmament be discussed?
News Bulletin Reports
13:20
Key questions loom ahead of US envoy Morgan Ortagus' Beirut visit: Will Hezbollah's disarmament be discussed?
0
News Bulletin Reports
13:18
French ruling lifts asset freezes on former central bank governor Riad Salameh
News Bulletin Reports
13:18
French ruling lifts asset freezes on former central bank governor Riad Salameh
0
News Bulletin Reports
13:13
Council for Development and Reconstruction: Lebanon's rebuilding efforts and the rise of unchecked power
News Bulletin Reports
13:13
Council for Development and Reconstruction: Lebanon's rebuilding efforts and the rise of unchecked power
0
News Bulletin Reports
13:08
Lebanon hit with new US tariffs: Will it affect trade?
News Bulletin Reports
13:08
Lebanon hit with new US tariffs: Will it affect trade?
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
World News
2025-03-24
Clashes displace 15,000 families in Sudan's North Darfur: UN
World News
2025-03-24
Clashes displace 15,000 families in Sudan's North Darfur: UN
0
Lebanon News
12:22
Hezbollah urges regional unity against ongoing conflicts in the Middle East — statement
Lebanon News
12:22
Hezbollah urges regional unity against ongoing conflicts in the Middle East — statement
0
Lebanon News
2025-04-01
Source close to Hezbollah says Israel strike targeted Palestinian affairs official
Lebanon News
2025-04-01
Source close to Hezbollah says Israel strike targeted Palestinian affairs official
0
Lebanon News
2025-03-26
LBCI sources: Lebanese-Syrian Defense ministers' meeting moved to Jeddah on Thursday
Lebanon News
2025-03-26
LBCI sources: Lebanese-Syrian Defense ministers' meeting moved to Jeddah on Thursday
Videos
d-none hideMe
0
Lebanon News
2025-03-23
LBCI's Pierre El Daher bids farewell to Hoda Chedid: You will always be our guiding light
Lebanon News
2025-03-23
LBCI's Pierre El Daher bids farewell to Hoda Chedid: You will always be our guiding light
0
Middle East News
2025-03-19
Israeli official urges international support for Lebanese government and army
Middle East News
2025-03-19
Israeli official urges international support for Lebanese government and army
0
Lebanon News
2025-02-23
Israeli aircraft fly at low altitude over Beirut during Hezbollah's former leaders funeral
Lebanon News
2025-02-23
Israeli aircraft fly at low altitude over Beirut during Hezbollah's former leaders funeral
0
Lebanon News
2025-02-23
Coffins of Sayyed Hassan Nasrallah and Hashem Safieddine enter Sports City Stadium (Video)
Lebanon News
2025-02-23
Coffins of Sayyed Hassan Nasrallah and Hashem Safieddine enter Sports City Stadium (Video)
0
Lebanon News
2025-02-23
Tens of thousands gather at Sports City Stadium for farewell to Hezbollah’s former leader Nasrallah (Video)
Lebanon News
2025-02-23
Tens of thousands gather at Sports City Stadium for farewell to Hezbollah’s former leader Nasrallah (Video)
0
Lebanon News
2025-02-14
Ahmad Hariri to LBCI: Future Movement returns to political arena to participate in all upcoming political events
Lebanon News
2025-02-14
Ahmad Hariri to LBCI: Future Movement returns to political arena to participate in all upcoming political events
0
Lebanon News
2025-02-13
Saad Hariri holds series of diplomatic and religious meetings in Beirut
Lebanon News
2025-02-13
Saad Hariri holds series of diplomatic and religious meetings in Beirut
0
Lebanon News
2025-02-13
LBCI monitors removal of barriers and barbed wire in Downtown Beirut
Lebanon News
2025-02-13
LBCI monitors removal of barriers and barbed wire in Downtown Beirut
0
Lebanon News
2025-02-10
Armed robbery in Beirut's Hamra turns deadly as shop owner shoots fleeing robbers (Video)
Lebanon News
2025-02-10
Armed robbery in Beirut's Hamra turns deadly as shop owner shoots fleeing robbers (Video)
Most read
d-none hideMe
24 hours
7 days
Month
1
News Bulletin Reports
13:08
Lebanon hit with new US tariffs: Will it affect trade?
News Bulletin Reports
13:08
Lebanon hit with new US tariffs: Will it affect trade?
2
News Bulletin Reports
13:20
Key questions loom ahead of US envoy Morgan Ortagus' Beirut visit: Will Hezbollah's disarmament be discussed?
News Bulletin Reports
13:20
Key questions loom ahead of US envoy Morgan Ortagus' Beirut visit: Will Hezbollah's disarmament be discussed?
3
Lebanon News
03:29
Israeli drone strike targets car in southern Lebanon, injures two
Lebanon News
03:29
Israeli drone strike targets car in southern Lebanon, injures two
4
Lebanon News
10:31
Israel targets alleged Hezbollah member in southern Lebanon, army spokesperson claims
Lebanon News
10:31
Israel targets alleged Hezbollah member in southern Lebanon, army spokesperson claims
5
Lebanon News
06:02
Israeli FM says ongoing negotiations on borders with Lebanon and detained prisoners
Lebanon News
06:02
Israeli FM says ongoing negotiations on borders with Lebanon and detained prisoners
6
Lebanon News
12:22
Hezbollah urges regional unity against ongoing conflicts in the Middle East — statement
Lebanon News
12:22
Hezbollah urges regional unity against ongoing conflicts in the Middle East — statement
7
Lebanon News
07:13
Patriarch al-Rahi calls for national conference, assures no fear of conflict between Army and Hezbollah
Lebanon News
07:13
Patriarch al-Rahi calls for national conference, assures no fear of conflict between Army and Hezbollah
8
Lebanon News
11:22
Lebanon issues decrees on new security appointments — the details
Lebanon News
11:22
Lebanon issues decrees on new security appointments — the details
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More