Charafeddine said that BDL has been capable of maintaining exchange rate stability of the Lebanese pound
with the support of its foreign currency reserves which have reached $39 billion in addition to its high level of gold reserves.
The second element is that by regaining the confidence of the market, vis a vis the Lebanese pound
, and the increase in deposits in Lebanese pound
, it has allowed the banks to start giving credits in Lebanese pound
Higher inflationary expectations triggered a flight from the Lebanese pound
into dollars, thus further depreciating the value of the pound.
The limited edition replica of the Lebanese pound
note is created from a sheet of 99.
we expect more stability and confidence in the Lebanese pound
and the banking sector in a way which bolsters Lebanon's economic abilities.
Treasury bill rates have fallen steadily in line with the deposit surge.
The result has been impressive: the consolidated balance sheet of the country's commercial banks rose by just over 26 per cent in the year ending last September to reach 43,850 billion Lebanese pounds
(LL), equivalent to about $28.
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.
Interest rates on the Lebanese pound
and treasury bills have continued to drop this year as the central bank encouraged commercial banks to lend to the private sector in Lebanese currency at low rates, economic reports said.
The Lebanese pound
, infamous for its nosedive acrobatics in the past, actually appreciated 6% per cent against the dollar in 1993.
Out of domestic deposits, Lebanese pound
deposits grew by 4.
Following the war Kuwait and Saudi Arabia deposited a substantial amount of money with the Lebanese Central Bank to keep the Lebanese pound