Lebanon Taps Dollar Reserves to Support Battered Currency as Conflict Extends
- Lebanon’s reserves drop for first time in more than a year
- Lebanon’s economy has contended with a ground war, air strikes
Smoke rises following an Israeli strike in Beirut on Nov. 12.
Photographer: Patrick Baz/AFP/Getty ImagesThis article is for subscribers only.
Lebanon’s foreign-exchange reserves dropped for the first time in more than a year as the central bank spent dollars to prop up the pound after weeks of war.
Banque du Liban’s reserves fell by more than $400 million in October, the first decline since July 2023, according to central bank data. Total liquid reserves now stand at about $10.3 billion, excluding the $5 billion in eurobonds on which the Lebanese state defaulted.