BEIRUT — Lebanon’s Central Bank has lifted its remaining subsidies on fuel and stated Sept. 12 that it will no longer provide US dollars for gasoline imports, a move that will force the Lebanese to procure fuel at a volatile market rate.
Until recently, the central bank secured 40% of fuel import costs in US dollars at sub-market rates set by its foreign exchange platform, known as Sayrafa. The electronic platform developed by the bank sets the exchange rate according to a daily pricing close to the parallel market exchange rate, standing now at around 28,000 Lebanese pounds to the US dollar. The remaining 60% was paid by importers in dollars on the black market.
