Lebanon's Econ Grows at 4%, Bks Avoid Toxic Assets-Ctrl Bk Gov »
Posted By dissent 9 months ago in NewsLebanon's central bank governor said Thursday that the country's economy grew by 4% in the first two months of the year and that its banks should avoid any exposure to the global financial crisis.
In a speech given to delegates at a banking conference in Beirut, Riad Salame said that the central bank's foreign exchange reserves have grown to $21 billion, excluding gold and other assets.
"Lebanon won't be negatively affected by the global credit crisis," he said in a copy of his speech seen by Zawya Dow Jones. "This is mainly due to the fact that banks in Lebanon have no toxic assets and were merely doing commercial banking without leverage."
Salame said that the country's gross domestic product grew by 4% in the first two months of the year and that the central bank has bought $5 billion in U.S. currency since the global financial crisis intensified in October.
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dissent
we live in a culture of war.
let's make it a culture of peace.
"my country is the world. and my religion is to ...
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