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FinancialNews
05-09-19
Lebanese customer deposit flows to keep declining
(MENAFN) Customer deposit flows in Lebanon is likely to keep on registering drops as the country suffers weak performance in its foreign currency reserves, as ratings agency Standard & Poor's suggested.
Lebanese Prime Minister Saad Hariri delivered a promise to have the Lebanese pound stay pegged to the U.S. dollar.
Hariri rejected the possibility of the government mulling over an International Monetary Fund (IMF) program that would leave it to the markets to settle on the price of the national currency.
He noted that "this is something that we have extreme sensitivity on," adding "we believe that keeping the Lebanese pound at 1,500 (to the dollar) is the only stable way to move forward with these reforms."
MENAFN0509201900450000ID1098967316
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