Lebanon's Central Bank Governor Riad Salameh speaks during an interview with Reuters at his office in Central Bank in Beirut, Lebanon October 24, 2017. REUTERS/Jamal Saidi
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Lebanon's Central Bank said a planned $1.7 billion debt swap between it and the Finance Ministry did not represent another round of the "financial engineering" it carried out in 2016 to boost foreign currency reserves.Nassib Ghobril, chief economist at Byblos Bank, said the planned $1.7 billion issue was part of measures taken by the Finance Ministry and Central Bank to improve the public debt profile, reduce debt servicing costs, and maintain debt stability.He added that the Finance Ministry had swapped $2 billion in Eurobonds with the Central Bank last year.
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