May 21, 2020 / 9:05 AM / 8 days ago

Lebanese PM: central bank to intervene to protect Lebanese pound

BEIRUT, May 21 (Reuters) - Lebanon’s central bank will intervene in the market starting from Thursday to protect the Lebanese pound whose declining value has forced up the price of food and other commodities, Prime Minister Hassan Diab said.

“I received a promise from the governor ... that the bank will intervene in the market, starting from today, to protect the Lebanese pound and to rein in the rise of the dollar exchange rate,” Diab said in a televised speech.

The pound has lost more than half of its value since October. (Reporting by Ellen Francis and Tom Perry; Editing by Alison Williams)

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