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Thursday, 27 February 2020

Lebanese premier vows to keep currency pegged to dollar

AP , Wednesday 4 Sep 2019
Saad al-Hariri
Lebanese Prime Minister Saad al-Hariri is seen during the meeting to discuss a draft policy statement at the governmental palace in Beirut, Lebanon February 6, 2019 (Photo: Reuters)
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Lebanon's prime minister is pledging to keep the national currency pegged to the dollar and says the government won't consider an International Monetary Fund program that would leave it to the markets to decide the price of the Lebanese pound.

Saad Hariri told CNBC late on Tuesday: ``We believe that keeping the Lebanese pound at 1,500 (to the dollar) is the only stable way to move forward with these reforms.''

The Lebanese pound has been pegged to the dollar since 1997.

Hariri's comments came a day after Lebanese leaders declared ``an economic state of emergency'' to resolve the country's economic crisis.

Lebanon has one of the world's highest public debts in the world, standing at 150% of gross domestic product. Growth has plummeted and budget deficit reached 11% of GDP.

 

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