Stability of the Lebanese Lira; decrease in Hariri Solidaire shares
Lebanon, Business, 2/23/2005

The change rate of the Lebanese Lira in the dealings of the Lebanese market has stabilized, but the Central Bank interfered via selling the US dollar with the aim to alleviate pressure from investors who felt great fears after the assassination of the former Lebanese prime minister Rafic Hariri.

Bankers expected the Lebanese Central Bank to spend much of its reserves in order to keep the change rate of the Lebanese Lira within the current rate.

Reserves of the Lebanese Central Bank of foreign currencies reached $ 11.7 billion.

A large amount of liquid sums are available in the Lebanese banks exceeding the Gross National Product GNP. The owner of most of the general debt which reached $ 33 billion are these banks.

Lebanese banking observers and experts expected a decrease in the turnout to buy the US dollar in Lebanon after the direct interference of the Lebanese Central Bank in the monetary market by pumping several millions of dollars.

Beirut Bourse (stock market) witnessed on Monday a decrease in the value of the Solidiaire company, the largest Lebanese company which was established by the late Hariri. The decrease rate in the company's share reached 15%. This is the maximum permitted rate following a first recession estimated at 15% registered last Friday after Hariri's assassination.

Previous Stories:
  Syrian Airlines endorses agreement with Lebanese ME airlines   (1/31/2005)
  Lebanon: Hilton hotel blown up for rebuilding   (7/15/2002)
  Canon to invest in Lebanese market   (5/4/2000)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search