Lebanon scoops new deposits in $1.4 billion boost to reserves

One week after Lebanon’s credit rating was cut deeper into junk territory by Fitch, the country’s central bank governor told Bloomberg they have secured new deposits from private investors overseas, boosting dollar reserves by up to $1.4 billion. Riad Salameh’s comments are likely to go some way toward reassuring investors increasingly worried that dwindling inflows of cash from abroad could undermine Lebanon’s ability to repay its debts and defend its currency. He spoke to Bloomberg’s Lin Noueihed in an exclusive interview in Beirut, Lebanon.