An employee counts money at a bank in Beirut, Tuesday, Oct. 28, 2014. (The Daily Star/Mohammad Azakir)
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The elements that keep the Lebanese pound stable are stronger than ever despite attempts to undermine the Central Bank's monetary policy, economists said Monday.Economists point out the assassination of former Prime Minister Rafik Hariri in February 2005 and the Israeli war on Lebanon in July 2006 did not shake the confidence in the national currency.They added that the foreign currency reserves during these dark periods only covered 30 to 35 percent of the Lebanese pound.The issue of the local currency surfaced again as some news media tried to question publicly the monetary policy of Central Bank governor Riad Salameh and even hint that BDL's net foreign currency reserves is in the negative territory.The Central Bank governor has repeatedly said that he will maintain the monetary policy and use the massive foreign currency reserves to keep the pound stable.Apart from the foreign currency reserves, the Central Bank is also sitting on $11.675 billion worth of gold reserves up to May 2017 .
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