Lebanon s Central Bank building in Beirut, Friday, March 16, 2018. (The Daily Star/Mohammad Azakir)
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International rating agency Standards & Poor's and some economists said Lebanon's economy is suffering from a slowdown but it is definitely not on the verge of collapse.S&P maintained its "B-/B" long- and short-term sovereign credit ratings on Lebanon with a stable outlook.Ghobril acknowledged that Lebanon still needs to send positive signals to the international markets and to implement reforms.Further, BDL's foreign currency reserves are close to $44 billion which covers 85 percent of the Lebanese pound in the market while Turkey's foreign currency reserves stand at $85 billion and only cover 30 percent of the Turkish lira in the market.S&P stressed that the stable outlook in Lebanon reflected its expectation that continued deposit inflows to the financial system would remain sufficient to support the government's borrowing requirements and the country's external deficit over the next 12 months.
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