VOL. XLIV

No 40

1-October-2001

LEBANON

LebanonsCentral Bank Moves To Defend Local Currency

The Central Bank of Lebanon (CBL)has raised the legal reserve requirement for local currency deposits andreduced that for foreign currency deposits, in a move intended to defend theLebanese pound, which has recently come under intense pressure due to growingskepticism about the countrys ability to service its $26bn debt (MEES,24 September). According to Circular No 1948 issued by the CBL on 22 September,all...