Lebanese government raises subsidized bread prices as currency tumbles

BEIRUT, June 30 (Reuters) - The Lebanese government on Tuesday raised the price of a 900-gram loaf of partially subsidized bread to 2,000 pounds from its pre-October-crisis price of 1,500 pounds.

The pound, which is officially pegged at 1,500 to the dollar, is now trading at nearly 9,000 to the dollar on the black market after sharp falls in recent days.

Since last October, Lebanon has been in a financial crisis that has seen businesses close and prices and unemployment soar. (Reporting by Laila Bassam, Writing by Suleiman al Khalidi; Editing by Kevin Liffey)

06/30/2020 15:58

News, Photo and Web Search