Dr. Nasser Saidi’s comments on Lebanon’s foreign currency reserves appeared in the article titled “Lebanon set to default for first time as foreign currency reserves dive” published in the FT on 8th March 2020.
The full article can be accessed at: https://www.ft.com/content/bda10536-6145-11ea-a6cd-df28cc3c6a68
Comments are posted below:
Nasser Saidi, a former central bank vice-governor, estimated that usable reserves had fallen to “about $3bn to $4bn”. He said this was because the gross reserves included $18bn to $19bn set against deposits for commercial banks that the BdL could not spend because of reserve requirements. In addition, the BdL has lent local institutions about $6bn to $7bn to help them cover their commitments to correspondent banks, Mr Saidi said.
“It is now urgent that the government opens up negotiations with the IMF,” Mr Saidi said, “because you’re going to need help with balance of payments, even to fund your imports”.
Comments on Lebanon's foreign currency reserves in FT, 8 Mar 2020
9 March, 2020
read < 1 minute
Read Next
TV and radio
Bloomberg Daybreak Middle East Interview, 14 Sep 2023
Aathira Prasad joined Yousef Gamal El-Din on 14th of July, 2023 as part of the
15 September, 2023
media page
Comments on the proposed India-Middle East-Europe trade corridor in The National, Sep 11 2023
Dr. Nasser Saidi’s comments appeared in an article in The National titled “Why new trade
12 September, 2023
media page
“A Mercantile Middle East”, article in the IMF’s Finance & Development magazine, 1 Sep 2023
The GCC must take leadership at a time of global fragmentation and successfully lead the
1 September, 2023