After several weeks of relative calm, the Lebanese pound found itself under renewed pressure this week. The prospect of an impending victory by the hawkish Ariel Sharon in the upcoming prime ministerial election in Israel is being viewed by many investors as not being positive for regional stability.
Comments by the visiting World Bank President, related to the country’s economic problems and internal political bickering, highlighted some of the domestic difficulties facing the government. Not helping matters, was the sovereign downgrade at the end of the week by international credit agency Fitch, which may unnerve some international investors.
The Lebanese pound ranged between LP1513-14 in interbank trading, down from LP1503.5-4.5 last week. — ( Lebanon Invest )
© 2001 Mena Report (www.menareport.com)
