THE LEBANESE CENTRAL BANK AND THE TREASURY BILLS MARKET

Since their introduction in 1993, the securities issued by, the Lebane se Treasury have had considerable success, But with returns sometimes approaching 40 percent, a strain has been placed on Lebanon's fragile economy as the internal debt hits record levels. Yet the Lebanese Cent ral Bank has been paying spectacular rates despite a demand for Lebane se Treasury Bills (LTBs) which is far outstripping supply at the weekl y auction. There is a concern that the Central Bank is playing conflic ting roles in conducting and overseeing the auction.