NNA - Lebanese Central Bank Governor, Riad Salameh, confirmed Sunday that the Lebanese Pound
is stable and the economic situation is well controlled.
According to Lebanese law, all commercial banks must place 15 percent of their dollar and Lebanese pound
deposits in an account at the Central Bank.
Summary: According to a recent note by the IIF, the confidence in the Lebanese pound
would remain strong and the peg to the dollar would be maintained supported by ample international reserves, a strong banking system, and loyal depositors from Lebanese diaspora.
Speaking to Reuters, Salameh said that the cost of the crisis was limited to supporting the peg of the Lebanese pound
against the dollar, for which the nation was prepared.
De facto, the Lebanese pound
rate of conversion to the US dollar remains within a very narrow band.
The country's banks have managed to weather the global financial crisis and the negative impact of the regional turmoil thanks to prudent policies to keep the Lebanese pound
Salameh reiterated that the Lebanese pound
exchange rate against the U.
The government would begin auctioning 5-year Lebanese pound
treasury bonds this month, he added.
There was an idea to promote the Lebanese pound
notes and that the ATMs will only disperse in Lebanese currency.
Lebanon is passing through a political and governmental crisis that triggered inquiries about the future of the Lebanese Pound
This is a reflection of confidence in the banking sector and the Lebanese pound
," he said.
The Lebanese pound
is still the currency of saving and there are a lot of people who have shifted their holdings into Lebanese pounds
, who are quite happy and comfortable.