Financial and Banking News

BUDGETS & REVENUES

Lebanon Considers Gold Sale to Salvage Currency

Lebanon's Acting Prime Minister, Mr. Salim al-Hoss, last week proposed that Lebanon should consider selling one fifth of its gold reserves and use the proceeds to prop up the local currency, whose decline is apparently uncontrollable. Mr. Ross said that inflation is running at 200% and that a special stabilization fund using the $800mn earned from the sale of 20% of the Banque du...