"The Lebanese pound is stable and the central bank has the means to protect its stability," said the Governor of Bank of Lebanon Riad Salamé. "The central bank is not concerned about the lira pegged at the current exchange rate since 1997 despite many rumors."
In an interview with Reuters, Salamé called on Lebanese politicians to carry out financial reforms to boost monetary stability. "Our eyes are on monetary stability, and this stability will be enhanced if reforms are launched to reduce the budget deficit," Salamé said.
He added: "It is not true that Lebanon is heading towards a financial crisis, although there have been rumors aimed at creating a state of fear and reducing confidence in stability."
Foreign reserves at the Central Bank of Lebanon stand at more than $ 44 billion, up from $ 42 billion at the end of 2017. Deposits with banks are expected to rise between 4 and 5 percent this year, according to Governor Salamé, "acceptable to Lebanon," pointing out that "remittances which are a pillar of the economy, are stable and non-performing loans are stable at 3.5 percent."
