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
media page
Comments on the UAE agreement with Oman re special economic zone in The National, 28 May 2025
Dr. Nasser Saidi’s comments on the agreement between Dubai’s global ports operator DP World and
29 May, 2025
TV and radio
Interview with Al Arabiya on the EUR & CNY as potential alternatives to the dollar, 27 May 2025
In this TV interview with Al Arabiya aired on 27th May 2025, Dr. Nasser
28 May, 2025
media page
Dr. Nasser Saidi’s interview “Can Beirut’s New Reform Agenda Save the Pound?” on “You’re In Business” with Yousef Gamal El-Din, 13 May 2025
Dr. Nasser Saidi’s interview with Yousef Gamal El-Din titled “Can Beirut’s New Reform Agenda Save
15 May, 2025