"I am well aware of people’s suffering from the increase in the US dollar-Lebanese pound exchange rate and of an impact of this rise on the food and consumer goods’ prices. … I hereby declare that we have already taken some measures, and Central Bank Head [Riad Salameh] has made a promise to intervene in the currency market beginning today to support the Lebanese pound and curb the high exchange rate of the US dollar," Diab said in a speech marking the 100th day since his government came to power.
According to the prime minister, Beirut has developed a plan for facilitating imports of basic foodstuffs.
"There will be follow-up mechanisms, which will monitor a decline in food prices on a daily basis. Thus, the Lebanese people will soon see a price reduction," the minister noted.
In mid-May, the International Monetary Fund said that it would continue talks with the country’s authorities to help Lebanon address the challenging economic and social hardships in a bid to restore the national economy.
In late April, a new wave of protests began in Lebanon for all the same reasons — a sharp drop in the value of the local currency and an increase in food prices. In response, the government endorsed an economic reform plan aimed at dealing with the nation's deepening financial crisis.
