NO. 36

5 JUNE 1995

Financial and Banking News

Bank Results

Lebanon's Forex Reserves Drop $491Mn In May

The Central Bank of Lebanon announced last week that its gross foreignexchange reserves fell in May by $491mn to $3.061bn. The sharp decline wascaused by Central Bank intervention to defend the Lebanese Pound, which cameunder pressure in May because of political and economic uncertainty and laborunrest. Last month the Lebanese Prime Minister, Mr. Rafiq al-Hariri, resignedbut was asked...