BLOM BANK SAL Commenting on the BLOM Lebanon PMI for January 2022, Dr. Fadi Osseiran, General Manager of BLOMINVEST Bank, said:
"Lebanon started the year on a relative positive note as the month of January witnessed steady appreciation of the Lebanese currency while Lebanese Government met for the first time in months and discussed State Budget days before the start of negotiations with the IMF. As such, the BLOM Lebanon PMI rose to 47.1, starting 2022 on a higher note than the past 7 months, yet it is still indicating that private sector companies remain cautious about the political environment and still witness pressures on their business. And despite the decline in new business and deterioration in purchasing power, the output index rose to its highest level since last June. Overall, the situation signals "good intentions" on the part of the government coupled, as importantly, with significant improvement in the Lebanese currency due to the intervention of the Central Bank to stabilize it. Amid this environment of "cautious optimism", we hope to see the start of reform measures that aim at regaining confidence and restoring recovery and that would avoid deepening the crisis in the upcoming period."
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Blom Bank SAL published this content on 03 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2022 10:58:09 UTC.
