BLOM Lebanon PMI: Deterioration in Business Conditions Deepens during April 2020

Commenting on the April 2020 PMI results, Sarah Hadchiti, Research Analyst at BLOMINVEST Bank, said : “The impact of Lebanon’s coronavirus lockdown fully materialized in April. Businesses are facing sharp economic uncertainties while consumers demand weakened, which generated losses reflected in the PMI of 30.9. Moreover, the Lebanese pound accelerated its depreciation and reached unprecedented levels against the dollar, nurturing hyperinflation. On the monetary level, the Central Bank issued a series of circulars aiming to ease the pressure on the dollar and protect the purchasing power of citizens. These measures have to be complemented by reform plan and support from international financial institutions.”

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