Emerging Markets Rates and Currencies Handbook

166 Citi | Emerging Markets Currencies Handbook 2021 Lebanon Citi in Lebanon Citigroup’s presence in Lebanon dates back to the 1950s when Beirut was the bank’s hub for the region. Since re-establishing its fully licensed Lebanon branch in 1996, the bank has been offering a full range of corporate and investment banking services, including traditional trade, lending and hedging products to major corporations (TTLCs and GSGs) and financial institutions operating in the country, as well as public sector entities. Market Overview Currently, the LBP is officially pegged to the USD between 1501 and 1514, however due to recent political and economic instability, there has been a shortage of foreign currency. This has led to the LBP to trade at 8,300 at exchange houses. The LBP is not traded offshore. The most frequently traded currency pairs in general are: USDLBP, EURUSD, GBPUSD, and USDCHF. The most traded currency pairs involving LCY are: USDLBP, EURLBP, and GBPLBP. Central bank intervenes when there is either demand/supply for FCY. No onshore rates trading available. Convertibility Cannot be traded offshore. Non-resident entities cannot hold LBP accounts. No forward markets. LEBANON (LBP — Lebanese Pound)