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30-11-22
Lebanon: Inflation might go up in wake of weak Lebanese pound
(MENAFN) The Lebanese pound's which carried on decreasing is strengthening triple-digit inflation, while the nation's economic sector is too big to be bailed out amid rising deficits, according to the World Bank.
The nation's economic deficits topped USD72 billion, the equivalent of over three times its gross domestic product last year, the Washington-based lender announced in its Lebanon Economic Monitor.
Inflation in Lebanon might reach 186 per cent in 2022, among the highest internationally, up from an average 150 per cent last year.
The disaster is affecting on poor and vulnerable groups; the World Bank rang a bell.
Lebanon's pound run down 137 per cent two years ago, 219 per cent last year, and was already decreasing 145 per cent in the first 10 months of 2022, as stated by the bank.
"The size of the balance sheet and associated losses make Lebanon’s financial sector, too big to bail," the World Bank added. "The magnitude of the holes in the intertwined balances sheets of the Central Bank, the banking sector and the sovereign, dwarfs the current and future assets that the sovereign could realistically mobilize for a bailout."
MENAFN30112022000045012476ID1105247475
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