Lebanon to discuss law allowing c.bank to keep subsidising fuel, sources say
The Peninsula
Beirut: The Lebanese government will discuss a law on Thursday allowing the central bank to use its mandatory reserve to keep subsidising fuel imports after the bank decided to halt a subsidy that has drained its coffers, a ministerial source said.
The government attacked governor Riad Salameh over the decision announced late on Wednesday, calling it a unilateral move that would have serious consequences as Lebanon grapples with a crippling financial meltdown. The central bank defended its decision, saying it told the government a year ago that legislation would be needed to use the mandatory reserve, a portion of deposits that must be preserved by law.
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