Lebanese Central Bank Targets Stable Pound, Says Bank Deposits Rose in 2018

Lebanon’s central bank aims to keep the exchange rate of its pound currency stable in 2019, the bank’s governor said on Wednesday. Riad Salameh also said Lebanese bank deposits climbed by 3.5 percent in 2018, Reuters reported. The comments were his first in public since remarks by the finance minister last week about Lebanon’s public debt triggered concerns that the debt might be restructured, leading to a sell-off in the country’s dollar-denominated sovereign bonds. The government issued a statement on Sunday saying it had “absolutely” no plans to restructure the debt, helping the bonds to recover. The pound has been pegged against the dollar at its current level for more than two decades. “For 2019, our goals will always be for the stability of the Lebanese pound exchange rate,” Salameh said. “Our view of interest rates is stable.” Read more

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