Lebanon’s Foreign Exchange Reserves Down By $2.2 Billion This Year

AP

Central bank Governor Riad Salameh said on Tuesday that the country’s Foreign Exchange reserves have decreased by $2.2 billion this year to around $11 billion, a third of what it was in 2019.

Back in December, Salameh said that $12-$15 billion is required in order to revive the country’s economy.

According to him, once a new cabinet is formed, he intends to request an issue to develop banknotes of large denominations.

“Once the new government is formed, we will send a proposal for a law allowing larger denominations in the Lebanese pound to make it easier to use the pound,” said the Governor.

Later on Tuesday, Salameh’s house was raided by Lebanon’s state security agency to execute a subpoena issued by Judge Ghada Aoun.

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Lebanon's Foreign Exchange Reserves Down By $2.2 Billion This Year

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