Demand for the Lebanese pound was witnessed this week, as the recent lowering of short-term rates in the U.S. has a knock-on effect on U.S. dollar rates worldwide. As a result, the spread between U.S. dollar and Lebanese interest rates has widened to the benefit of the local currency, with investors switching into LP deposits and TBs.
The Lebanese pound’s renewed favor helped give it a lift in interbank trading, where it closed at LP1,507-8, against LP1,508-10 a week before. — ( Banque du Liban et d'Outre-Mer Sal )
© 2001 Mena Report (www.menareport.com)
