The high foreign currency reserve of the Central Bank allowed Lebanon to cushion any financial crisis. The Daily Star/Mohammed Azakir
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It added that in case the funds banks generate from such operations exceed the amount required to meet the IFRS9 standards, then they can release the excess from provisions upon the Central Bank's approval.Citi considered that the operations that Central Bank conducted with the Finance Ministry and Lebanese banks since May 2016 have had significant implications for the domestic financial system.In addition, it said that the Central Bank sold the acquired eurobonds to Lebanese banks, and issued between $1 billion and $3 billion in Certificates of Deposit for domestic banks.Lebanese banks made at least a $1 billion "windfall" from a recent bond swap engineered by the Central Bank in collaboration with the Finance Ministry, according to a leading U.S. lender.
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