Chairman of the Union of Arab Banks Joseph Torbey, center, attends the Annual Risk Management Forum in Beirut, Tuesday, April 1, 2014. (The Daily Star/Mohammad Azakir)
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Lebanese banks have been subjected to a stress test as a precaution against potential future economic crises in the region, the head of the Banking Control Commission said Tuesday.A stress test, in financial terminology, is a simulation designed to determine the ability of a given financial instrument or financial institution to deal with an economic crisis.Joseph Torbey, the chairman of the World Union of Arab Bankers, stressed that the global financial crisis in 2008 had underlined the importance of having abundant liquidity in order to weather any future crisis.
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