Lebanon central bank ceases to provide dollars for gasoline imports

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Lebanon’s central bank has entirely ceased providing dollars for gasoline imports, a central bank spokesperson said, in a move that led pump prices to rise significantly on Monday.

The central bank last year said it would stop providing dollars at heavily-subsidized exchange rates due to dwindling foreign currency reserves but continued to do so at a rate below market prices on its Sayrafa exchange platform.

It had gradually reduced the amount of dollars it provided via Sayrafa over the past weeks.

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