Lebanon central bank can keep subsidies for only two more months

Lebanon central bank can keep subsidies for only two more months

Lebanon’s central bank can keep basic subsidies for only two more months and the state should come up with a plan, Governor Riad Salameh said on Tuesday as the country’s financial crisis spirals, Trend reports citing Reuters.

He told Saudi’s al-Hadath TV the central bank would commit to providing Lebanese government accounts for a forensic audit, but that disclosing those of domestic banks would require a change in legislation.

A meltdown without precedent has crashed Lebanon’s currency, paralyzed banks and sent inflation soaring.

As dollar inflows dried up, the central bank has used dwindling reserves to provide foreign currency for key imports - fuel, wheat and medicine - and some basic goods.

Suggestions of a looming end to subsidies have triggered panic buying and fears of rising hunger. The crisis had made over half the population poor.

“We have the capacity to keep the subsidies for two months,” Salameh said on Tuesday.

“This question should also be asked of those in charge of the country,” he said about the subsidies. He added that lawmakers would meet this week to start drafting a plan.

Foreign donors have demanded a forensic audit of the central bank among key reforms before helping Lebanon out of the crisis, rooted in decades of waste and graft.

But restructuring consultancy Alvarez & Marsal said it withdrew from the audit because it had not received information required. Some Lebanese officials have accused Salameh of using bank secrecy laws to justify withholding information.

Salameh said he was for an audit but local banks’ accounts could not be revealed without some laws being amended.

The central bank would seek to reorganize and sell Lebanese banks that fail to raise capital, he said. He has said those that cannot increase their capital by 20% by the end of February 2021 will have to leave the market.

In response to a question about the possibility of U.S. sanctions, Salameh said the bank was doing everything necessary within the law and “in constant coordination with the U.S. Treasury.”

Washington has in recent months sanctioned Lebanese officials on charges of corruption or enabling Iran-backed Hezbollah.

Azerbaijan eliminating damage caused by Armenia in Fuzuli, Aghdam – Trend TV
Azerbaijan eliminating damage caused by Armenia in Fuzuli, Aghdam – Trend TV
Azerbaijan restoring houses destroyed as a result of Armenia’s aggression in Ganja (PHOTO)
Azerbaijan restoring houses destroyed as a result of Armenia’s aggression in Ganja (PHOTO)
Azerbaijani Foreign Ministry grateful to Turkish side
Azerbaijani Foreign Ministry grateful to Turkish side
Loading Bars
Latest
Italy decreases import of petroleum oils from Kazakhstan amid COVID-19
EU demands AstraZeneca plan to break vaccine deadlock
Tesla profit, foggy outlook on 2021 deliveries disappoint Wall Street
Inflation converges to targeted value at end of 2020 in Georgia
Chile approves emergency use of Oxford-AstraZeneca COVID-19 vaccine
UK PM Johnson heads to Scotland amid fears of break up of UK
Europe lifts safety ban on Boeing 737 MAX jet
Mexico's richest man Carlos Slim hospitalized with COVID-19
Biden administration temporarily holds some U.S. weapons exports
Kazakhstan boosts exports to Uzbekistan despite COVID-19
Footage of cemetery destroyed by the Armenians in Azerbaijani village of Saray, Gubadly region (PHOTO)
President Aliyev congratulates re-elected President of Portugal
Turkey registers more than 7 400 new coronavirus cases
Russian bank in talks with Iran to boost currency exchanges
Dressing rooms to work, exchange of goods to be allowed in shopping malls starting February 1
EBRD to oversee more SMEs support programs in Kazakhstan in 2021
Trade, economic and investment cooperation between Kazakhstan and Ecuador expanding
German gov't lowers economic forecast for 2021 to 3 pct
Azerbaijan-Turkmenistan MoU boosts relevancy of Trans-Caspian gas pipeline
Armenia’s Metsamor nuclear plant poses potential threat to region – ombudsman
Azerbaijan eliminating damage caused by Armenia in Fuzuli, Aghdam – Trend TV
Azerbaijani State Oil Company to enter new stage of development - minister
Meeting of trilateral group on Nagorno-Karabakh region may be held soon - Russian MFA
Azerbaijan restoring houses destroyed as a result of Armenia’s aggression in Ganja (PHOTO)
Liberating Azerbaijani territories formed new regional reality - Turkish Security Council
Azerbaijan releases footage of Fuzuli district's Khalafsha village (PHOTOVIDEO)
Azerbaijan electricity provider opens tender to attract various services
Depreciation of Georgian REER associates with domestic export goods gaining competitiveness
Kazakhstan's entrepreneurship dev't fund to unite efforts with WB in SMEs support
Work on increasing level of drinking water supply to Uzbek regions continues
Coty to consolidate fragrance manufacturing operations, close Cologne factory
US companies ready to take part in restoration of Azerbaijan's liberated lands (PHOTO)
Кazakh Electricity Grid Operating Company to opens tenders buy spares for vehicles
Turkish low-cost airline eyes to link countries of religious tourism with Uzbekistan
Eurasian Development Bank setting up top priorities for this year’s strategic period
Georgia sees recovery in remittance inflows
National Bank of Georgia sells funds at foreign exchange auction to stabilize lari
EBRD continues supporting SMEs dev't in Kazakhstan
Kazakhstan reports increase in trade with Denmark
Azerbaijani Foreign Ministry grateful to Turkish side
Iran’s Bahar Azadi gold coin rebounds in price
Azerbaijani government's digitalization to favor creation of various projects
Volume of cargo loaded, unloaded in Iran’s Khorramshahr port announced
Iran to launch new projects in tourism, power industry, agriculture fields
Trilateral statement on Karabakh being implemented consistently - Putin
Georgia sees slight increase in export of precious metals - ISET-PI
Contribution to GDP structure of Turkmenistan’s industrial sector revealed
SOCAR Turkey, Middle East Technical University to carry out chemical recycling of plastic waste
Housing prices in Baku decrease
Georgia presents great investment opportunities - Spanish Foreign Ministry
Azerbaijani FM, OSCE MG co-chair from France exchange views on situation in region
JPMorgan to launch UK consumer bank within months
Iranian banks issue big loans to agricultural sector
Azerbaijan liberated its lands from occupation and new opportunities opened up - assistant to president
State Property Service of Azerbaijan to auction small enterprises
Azerbaijan confirms 601 more COVID-19 recoveries
Azerbaijan benefited from cooperation with Turkey in Patriotic War - President's assistant
Houses destroyed by Armenia in Azerbaijan's Tartar being restored - Trend TV reports
Turkmenistan’s Turkmennebit SC names amount of work performed at trust
Iran, Kazakhstan should form join bank to boost trade, transactions - ambassador
Russia remains main exporter of Uzbek textile production
Relationship between Azerbaijan and Turkey - eternal - Azerbaijani president's aide
Uzbekistan’s Statistics Committee, IMF discuss national strategy for statistics dev’t
Demand for Azerbaijani CBA's short-term notes exceeds supply fourfold
Boeing 737 MAX safe to return to service in Europe
Spending on gas exploration declined in 2020
UK voices interest in restoring electric energy sector in Azerbaijan's liberated areas
Armenians built several villas for themselves in Shusha. One of villas belongs to leader of junta, another - to wealthy, corrupt official - President Aliyev
Shuakhevi HPP to play important role in decreasing Georgia’s dependence on imported electricity
Iran would return to JCPOA commitments if others comply - Iranian President
Significant volume of bank loans in Georgia secured with real estate
Georgian JSA Technologies plans to export the product to EU, US and China
Total assets of Azerbaijani banks for 2020 revealed
Azerbaijani banks' reduced total liabilities in 2020
All of us, all people will revive Shusha - President of Azerbaijan
Shusha was our goal and Shusha became our victory - President of Azerbaijan
I said that our victory would be incomplete without Shusha, at that time, during war, I could not say more - President Aliyev
Uzbek-Korean JV to buy spare parts for steam boilers via tender
President Aliyev gives instructions in relation to restoration of Shusha city
FMs of Azerbaijan, Turkey hold phone conversation
We don't need fake history - President of Azerbaijan
They say that Shusha was allegedly handed over just like that, without a fight, that Armenians left Shusha of their own free will. This is a blatant lie - President Aliyev
Russia lifts restrictions on import of Kazakh tomatoes - Kazakhstan's Agriculture Ministry
At that time, minister of defense of Azerbaijan was offshoot of PFPA-Musavat tandem, one of their henchmen. He was first to sell Shusha - President Aliyev
During Shusha operation, hundreds of invaders were killed - President Aliyev
Turkmenistan launches initiative to ensure stable international transport services
Russia’s Tatneft in Turkmenistan opens tender for maintenance
Turkmenistan, Belarus sign co-op program between foreign ministries
Iran reveals COVID-19 data for January 27
If Armenians considered Shusha their own, then why didn’t they create anything there in 28 years? - President of Azerbaijan
Iran’s CBI reveals amount of loans issued by Iranian banks
Shusha was able to preserve spirit of Azerbaijan despite attempts to Armenianize it - President Aliyev
Domestic production increases in Iran
Number of vehicle re-export from Georgia down
Goldman Sachs loses legal fight against EU cartel fine
President Aliyev receives in video format Aydin Karimov on his appointment as Special Representative of President in Shusha district (PHOTO)
Iran's government voices support for local stock exchange
Iran boosts its exports via Kurdistan Province
EU and FAO work together to increase farm productivity across Georgia
Foreign, local investors showing more interest in Azerbaijan's electric power engineering
All news