LONDON/BEIRUT: Lebanon's new government faces huge upcoming debt repayments and a currency peg at breaking point, but it may already have run out of the hard cash firepower it needs to tackle these problems.
Some analysts calculate that the country's foreign currency reserves could be negative in real terms. But how large is the war chest in reality? Morgan Stanley calculates the current level of net reserves - or gross foreign currency holdings minus banks' mandatory reserves together with the country's own holdings - at US$11.5 billion as of the end of 2019.
"In my opinion the reserve has become negative," outgoing economy minister Mansour Bteish said in an interview. While selling large quantities of gold is not that easy, countries under pressure such as Venezuela have mobilized their gold stacks as collateral for swap operations to gain access to hard currency.
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