VOL. XLV

No 50

16-December-2002

LEBANON

Lebanese Banks Agree To Buy $4Bn Zero-Interest Government Paper

The Central Bank of Lebanon (CBL) announced on 10 December that commercial banks had agreed to buy some $4bn of zero-interest treasury bills or Eurobonds in an effort to help the government lower its debt servicing costs. The new government paper will be issued at the beginning of 2003 and the 10 leading banks in the country have agreed to subscribe to the bulk of the new issue. The CBL said...