Lebanese central bank says new circular will reduce pressure on dollar demand

A Lebanese central bank circular to be issued on Tuesday will reduce the pressure on U.S. dollar demand at currency exchange offices, central bank governor Riad Salameh said on Monday after meeting President Michel Aoun. Salameh said the central bank was securing the foreign currency needs of the private and public sectors and would "continue in that according to the fixed prices that will be announced without any change".

The circular to be issued on Tuesday will organize "securing dollars for the banks at the official rate declared by the central bank to secure imports of petrol, medicine, and flour", Salameh said. The Lebanese pound has been pegged at the rate of 1,507.5 to the dollar for more than two decades. 

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