$1 billion extra expected
soon by the Central Bank
Potential for securing more funding
The Central Bank (BDL) is expected to soon obtain a deposit worth nearly $1 billion through one of the local banks, banking sources told the Central News Agency (Al Markazia).
BDL is using fresh inflows to boost its foreign currency reserves and meet maturing government debt in foreign currencies.
They said that $4 billion was received by BDL over the last two months which will be used to boost its foreign currency reserves and meet maturing government debt in foreign currencies.
The new expected deposit follows another worth $1.4 billion provided by the US-based investment bank Goldman Sachs through SGBL. It is a good sign when Goldman Sachs and other international institutions are willing to invest in Lebanon, according to bankers who spoke to Lebanon Opportunities. These institutions have decided to invest due to the attractive interest rates and their confidence that the country is able to weather its economic and financial crisis, they said.
The Central Bank also attracted $1.6 billion through financial engineering operations launched in July and August.
Reported by Shikrallah Nakhoul
Date Posted: Sep 12, 2019