The Lebanese pound continued to firm in the local foreign exchange market, as little demand for the dollar was registered. Lower US interest rates, expected to be cut further, have increased the appeal of LP-denominated assets. At the same time, confidence in the local currency was bolstered by news that Saudi Arabia had renewed a $500 million 3-year deposit at the Central Bank and by Kuwait doubling a similar deposit to $200 million. In interbank trading, the Lebanese pound closed at LP1,503.5-4.5 against LP1,507-8 a week before. — ( Banque du Liban et d'Outre-Mer Sal )
© 2001 Mena Report (www.menareport.com)
