“Banque du Liban’s biweekly balance sheet data suggests BDL’s foreign assets declined by $1.6 billion during November,” the report said. (The Daily Star/Mohammad Azakir)
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Bank of America Merrill Lynch said Wednesday Lebanon will be able in the short and medium term to manage its economy after Prime Minister Saad Hariri's decision to withdraw his resignation from the government.Bank of America Merrill Lynch also maintained its buy Lebanon ratio. It noted BDL made this swap to beef up its foreign currency reserves.BDL encouraged Lebanese banks to raise interest rates on Lebanese pound deposits to draw more funds in the national currency. Bank of America Merrill Lynch was referring to the increase of interest rates on the Lebanese pound to beef up their national currency funds. Some banks have offered up to 11 percent interest on Lebanese pound deposits.The report said Lebanon's sovereign rating carries some political risk.
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