Lebanon's Central Bank main entrance in Beirut, Lebanon July 18,2016. REUTERS/ Jamal Saidi
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International ratings agency Moody's sees growing exposure to sovereign debt in Lebanon following the Central Bank's recent swap operation that widened lenders' liabilities to $18 billion from $15 billion at the beginning of 2016 .Central Bank Gov. Riad Salameh told LBC TV last week that the financial engineering has allowed BdL to increase its foreign currency reserves to more than $41 billion.Moody's admitted that the swap operation enabled BdL to boost its foreign currency reserves.It also noted that the banks' dollar liquidity declined due to the swap operation.It added that foreign currency customer deposits at banks rose significantly by $4.3 billion, driven mainly by the attractive packages that banks offered to customers who would draw on accounts outside Lebanon.
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