Lebanon’s bonds jump after the initial agreement with the IMF
The decision to return the ambassadors of the Gulf Cooperation Council countries reflected relief in Lebanon, as Lebanese officials and politicians saw it as “establishing a new stage in the relations between the two parties,” at a time when the ambassadors of the Kingdom of Saudi Arabia, Walid Al-Bukhari, and Kuwait, Abdel-Al Suleiman Al-Qena’i, arrived in Beirut yesterday. While Yemen announced that it would return its ambassador to Beirut as well.
On the other hand, an increase in the prices of Lebanon’s international bonds was recorded on the Luxembourg Stock Exchange, following the announcement of the signing of a preliminary agreement with the International Monetary Fund, and its rate reached the maximum available limit of 10 percent. In parallel, the Governor of the Banque du Liban, Riad Salameh, affirmed that the agreement with the IMF is a positive event for Lebanon, and will contribute to unifying the exchange rate, and expressed his hope that preconditions set by the Fund will be met in order to obtain the approval of the IMF Executive Board on a financing program.
In this context, Asharq Al-Awsat monitored the tendency of monetary exchanges in parallel markets to a clear calm and an almost complete absence of speculation, as most of the operations took place within the margins of limited fluctuations, punctuated by the relative improvement in the exchange rate of the lira below the threshold of 24 thousand pounds per dollar.