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Lebanon's Central Banker Says Worst May Be Over in Latest Crisis

  • Governor Riad Salameh comments in interview in London
  • No special measures planned; markets are resilient: Salameh
Bloomberg business news

Lebanon's Stability Is Backed by Liquidity, Says Salameh

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Lebanon’s central bank Governor Riad Salameh said the country’s financial system will be able to withstand the latest political crisis with no special measures or initiatives from the regulator, adding that the level of outflows so far had “surprised positively.”

“From my experience, usually when you have a crisis in Lebanon, the hardest shock you receive is as the crisis starts,” Salameh said in an interview in London on Monday. No more than $800 million of what the regulator regards as “hot money” has been withdrawn since the sudden resignation of Prime Minister Saad Hariri on Nov. 4, a figure he said showed the resilience of financial markets. Lebanon usually has a maximum of $3 billion of so-called hot money in the system at one time, he said.