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“The Lebanese economy is linked more to security and politics than to worldwide economic developments,” he said. “It is basically an economy based on services and consumption.”
Political stability has improved and security risks have decreased in Lebanon since May when a Qatari-mediated agreement ended the worst political conflict since the 1975-90 civil war.
Salameh reiterated that Lebanon’s financial sector, one of the pillars of the economy, had not been affected by the global financial crisis thanks to regulations which have included restrictions preventing exposure to structured products. “None of the banks in Lebanon are carrying subprime paper,” he said. “The bank, every individual bank in this country, has no problem. Profits are going to increase by around 12 percent this year compared to last year,” he said. “We do not anticipate any negative impact in the future.”
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