Lebanon's import bill from Europe is expected to decline with the fall of the euro currency. (The Daily Star/Mohammad Azakir)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Britain's vote to exit the European Union is likely to have a positive short-term impact on Lebanon's economy, while negative repercussions will only affect Lebanese investors in the real estate and stock markets in the U.K., economists said.Wazni said that around 30 percent of Lebanon's imports, valued at $6 billion, come from the EU and the decline in the euro will definitely cut the country's import bill. On the other hand, Wazni said, Lebanon's trade relations with the U.K. are minimal as the country's imports from Britain stand at $600 million per year only while exports to the country are valued at $40 million. Wazni said that the surge in gold prices following Britain's voting to exit the EU will have a positive impact on the country because Lebanon's Central Bank has the second most gold reserves in the MENA region.However, in Ghobril's opinion, even if the Federal Reserve decides to increase interest rates it will not have any impact on interest rates in Lebanon for the short and medium terms because the spreads between dollar rates in Lebanon and dollar rates in the U.S. are significant.
Hajj Hasan says Syria trip aims to boost trade
BLOM boss: Don’t overload Central Bank
Economists urge government to reduce deficit
FOLLOW THIS ARTICLE