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BDL Won’t Be Able To Subsidize Basic Commodities For More Than 3 Months
According to The Daily Star, an informed source reports that the Lebanese Central Bank will no longer be able to subsidize basic commodities in three-months time.
Commodities include wheat, fuel, and medicine, which have so far been under BDL’s subsidy program in an attempt to “ease the burden on Lebanese consumers.”
In a recent meeting with the government, BDL governor Riad Salameh explained that the central bank’s foreign currency reserves can only cover three more months of subsidies, before they are depleted.
If true, this means citizens will notice a significant increase in prices of bread, fuel, and medicine, as they begin to reflect market prices.
According to TDS’s source, “Lebanon has no alternative but to end subsidies and create a safety net to support poor families.”
This comes at a time when more than 55% of Lebanon’s population is trapped in poverty, following an economic crisis, the lira’s devaluation, a surge in unemployment, and more.
We don’t really know what to say at this point so we’re just going to leave this tweet here.
Commodities include wheat, fuel, and medicine, which have so far been under BDL’s subsidy program in an attempt to “ease the burden on Lebanese consumers.”
In a recent meeting with the government, BDL governor Riad Salameh explained that the central bank’s foreign currency reserves can only cover three more months of subsidies, before they are depleted.
If true, this means citizens will notice a significant increase in prices of bread, fuel, and medicine, as they begin to reflect market prices.
According to TDS’s source, “Lebanon has no alternative but to end subsidies and create a safety net to support poor families.”
This comes at a time when more than 55% of Lebanon’s population is trapped in poverty, following an economic crisis, the lira’s devaluation, a surge in unemployment, and more.
We don’t really know what to say at this point so we’re just going to leave this tweet here.
i am once again asking when does it get better
— justin (@farringt0n) March 28, 2020