Salameh Says European Recession Wouldn’t Affect Lebanese Economy
This article is for subscribers only.
Lebanon’s economy would probably be unaffected by a European recession because the Arab country maintains a peg to the dollar and most deposits are in the U.S. currency, central bank Governor Riad Salameh said.
“Lebanon will not be affected by a recession in Europe as the Lebanese economy essentially is dollarized,” Salameh, who has been governor since 1993, said in an interview in New York with Pimm Fox on Bloomberg Television’s “Taking Stock.” “A crisis on the euro will not affect us,” Salameh said, adding, “Banks in Lebanon do not hold sovereign bonds in Europe in substantial amounts.”