Lebanon Financial Market Update

Stable interest rates in Lebanon
Lebanon's central bank governor said inflation this year should not exceed the five per cent of last year and forecast stable interest rates which may fall if the country's political crisis eases, reported Gulf Daily News. Riad Salameh said he did not expect a repeat of steep inflation that was driven by a climb in the prices of oil, commodities and the euro in the last quarter of last year. Interest rates would remain stable or fall if there was a resolution to Lebanon's political crisis, which has paralysed much of government for 15 months, left the country without a president since November.
Lebanon: Sunday, February 17 - 2008 at 11:34

Gulf oil boosts Lebanon
Lebanon's Finance Minister Jihad Azour has said an ongoing oil boom in the Gulf will help its own economy grow by about 2.5% next year, reported Reuters. Azour warned, however, that high oil and commodity prices will contribute to keeping inflation at around the 4% mark. He added that the country's political instability had meant growth of up to 8% had been clipped to around 3% this year.
Lebanon: Saturday, December 22 - 2007 at 08:47

Lebanon shares drop in political fallout
Lebanon's BLOM stock index fell 4.2% on Tuesday due to concern's about the country's difficulties in electing a president, reported Reuters. Parliament Speaker Nabih Berri on Monday postponed elections in the country for the eighth time to December 17 to give rival leaders more time to reach a deal expected to make the army chief president. The index closed at 1,519.08 points compared to Monday's 1,585.60 points.
Lebanon: Wednesday, December 12 - 2007 at 09:54

Lebanon's stock market surges
Lebanon's BLOM stock index closed Monday on the year's high on optimism that the country's political deadlock will end, reported Reuters. The index surged 6.25% to close on 1,572 points.
Lebanon: Tuesday, December 04 - 2007 at 11:20

Wealthy Lebanese lured to US
Lebanese businessmen are being encouraged to apply for immigration to the US under a 'million dollar visa' programme, the Daily Star reported. Expand to America, a Washington-based consultancy, is assisting wealthy locals to apply for EB-5 Multi National Executive visas, which grant foreigners temporary residency in exchange for an investment of between $0.5m and $1m in a US business that generates a minimum of ten jobs. An ETA official told the daily that interest was 'high'.
Lebanon: Thursday, June 21 - 2007 at 08:20

Lebanon appeals for truce
Lebanon's business community and its trade unions have urged the country's politicians to observe a 100 day truce in order to help boost the economy, reported the Daily Star. An announcement to this end is expected to be made on Monday by the Economic Committee and the General Trade Federation. It is expected bankers, merchants' associations and industrialists will attend the press conference.
Lebanon: Saturday, April 21 - 2007 at 13:58

Lebanon, debt deterioration
Investment firm Merrill Lynch has adjusted its recommendation on Lebanon's sovereign debt to 'underweight' from 'overweight', according to the Dow Jones newswires. The firm believes the situation has 'deteriorated considerably' and it had based its previous 'overweight' prediction on an end to the country's ongoing political crisis and the anticipated handover of billions of dollars in financial support from a Paris conference, the delivery of which is unlikely for now.
Lebanon: Saturday, April 14 - 2007 at 09:30

UAE $300m Lebanon loan
The UAE has granted a $300m soft loan to Lebanon, which it issued under the Paris III conference to collect aid for the country, AFP reported. Lebanon has secured pledges for over $7.6bn from international donors to help revive its economy, which was shattered following Israel's military offensive last summer. Lebanon's public debt reached $41bn, more than 180% of GDP.
Lebanon: Wednesday, February 21 - 2007 at 11:07 |

Lebanon's reform strategy
Lebanon's prime minister has revealed the government's reform strategy, which includes a hike in VAT from 10% to 12%, as it moves to secure funds at the Paris donor conference set for 25 January, The Daily Star reported. The aim is to cut public debt, which stood at more than $41bn at the end of 2006, and revitalise the economy.
Lebanon: Wednesday, January 03 - 2007 at 09:41 |

Lebanon sit-in, business worries
Beirut based traders are concerned the sit-in demonstration against Fouad Siniora's Lebanese government could deal a major blow to business, reported the Daily Star. Nadim Assi, the President of the Beirut Merchant Association, said the conflict with Israel in the summer caused major losses and a prolonged sit-in will only make these mount further. Yesterday, hundreds of thousands of opposition supporters packed into central Beirut to lead a peaceful protest.
Lebanon: Saturday, December 02 - 2006 at 09:41 |