Comments on Lebanon’s currency fluctuations in Reuters, Jun 11 2020

Dr. Nasser Saidi’s comments on the Lebanese pound and fluctuations appeared as part of the Reuters article titled “Lebanese pound changes hands near 5,000 per dollar, market sources say” published on 11th June 2020. Comments are posted below.

Nasser Saidi, a former economy minister, said the pound’s decline had accelerated because of increased demand for dollars in neighbouring Syria, where the local currency has also hit record lows as new U.S. sanctions are set to come into effect. “There is the beginning of panic in Syria over the availability of dollars. This has transferred itself into increased demand in the Beirut market,” he said.