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Lebanese Pound Stable Despite Fragile Economy

Aug 08

Lebanese Pound Stable Despite Fragile Economy

Lebanon’s Banque Du Liban has announced that the pound is stable and the central bank has the means to defend its stability, urging fiscal reforms to reinforce monetary stability, reported Reuters.

Riad Salameh, Banque Du Liban’s governor, said, “We are looking at stability on the monetary side and that stability will be reinforced if the reforms are initiated in order to bring down the budget deficit.”

Farid Belhaj, the World Bank Group Vice President for MENA official, last week said that the Lebanese economy situation is fragile and needs a new phase of reforms, especially for the energy, water as well as new technology sectors to attract investments.

The Lebanese economy is not sustainable and new reforms need to be implemented urgently’ despite the central bank’s good buffer of foreign reserves, added Belhaj.