{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Lebanon banks grow despite global downturn' data-url='/boclips/videos/5c54c01fd8eafeecae1485b1' data-video-url='/boclips/videos/5c54c01fd8eafeecae1485b1' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nLebanon banks grow despite global downturn\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Tilt down exterior of Arab Bank 2. Mid of man walking out of Arab Bank3. Mid of Bank of Beirut with cars passing nearby4. Close up of First National Bank sign5. Wide of First National bank building6. Tilt down of Byblos Bank...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Tilt down exterior of Arab Bank \u003cbr/\u003e2. Mid of man walking out of Arab Bank\u003cbr/\u003e3. Mid of Bank of Beirut with cars passing nearby\u003cbr/\u003e4. Close up of First National Bank sign\u003cbr/\u003e5. Wide of First National bank building\u003cbr/\u003e6. Tilt down of Byblos Bank building\u003cbr/\u003e7. Mid of Byblos Bank sign\u003cbr/\u003e8. Mid interior of bank front desk with customers queuing \u003cbr/\u003e9. Mid of bank employees \u003cbr/\u003e10. Mid of front desk \u003cbr/\u003e11. Close up of currency counting machine counting US dollars\u003cbr/\u003e12. Mid of employee with a customer \u003cbr/\u003e13. Close up of dollars being hand counted \u003cbr/\u003e14. Tilt down of Lebanon's Central Bank building\u003cbr/\u003e15. Close up of Banque Du Liban sign \u003cbr/\u003e16. Set up of Riad Salameh, Lebanon's Central Bank Governor, walking in room\u003cbr/\u003e17. SOUNDBITE (English) Riad Salameh, Lebanon's Central Bank Governor: \u003cbr/\u003e\"The Lebanese banking sector has shown growth this year. Its aggregate balance sheet has grown by around 12 percent and the banks in Lebanon are going to record profits for the year 2008 which are in excess of what the profits of 2007 by approximately 10 percent. The liquidity is high in our system and interest rates have been stable with confidence being maintained as shown in the exchange market where there is demand to buy the Lebanese pound and to sell foreign currency against it.\"\u003cbr/\u003e18. Cutaway of photographer\u003cbr/\u003e19. SOUNDBITE (English) Riad Salameh, Lebanon's Central Bank Governor: \u003cbr/\u003e\"We have regulated structured products and derivatives since many years and we have forbidden the acquisition of sub-prime by our banks. Therefore there is no toxic assets in our banking sector and that has created a comfort to the markets and to depositors.\"\u003cbr/\u003e20. Mid of Central Bank employee wrapping money \u003cbr/\u003e21. Close up of money being wrapped\u003cbr/\u003e22. Central Bank employee pushing money packs on a trolley \u003cbr/\u003e23. Set up of Ghazi Wazni, Economic and Financial expert, walking \u003cbr/\u003e24. SOUNDBITE (English) Ghazi Wazni, Economic and Financial expert:\u003cbr/\u003e\"We are afraid that some Lebanese will lose their jobs because of the sluggish economy in Arab Countries and this will affect also the Lebanese capital in flow.\"\u003cbr/\u003e25. Mid of Beirut street\u003cbr/\u003eLebanon's banking sector is weathering the global financial crisis and profits are expected to increase by 10 percent this year, the Central Bank governor said on Wednesday, in a reflection of the country's ability to rebound from a legacy of adversity.\u003cbr/\u003eRiad Salameh attributed the growth in the banking sector, which comes at a time when a liquidity crisis has gutted some of the world's top banking giants, to strict regulations imposed by the Central Bank, including a cash reserve requirement of 15 percent.\u003cbr/\u003eSalameh told the Associated Press that \"the Lebanese banking sector has shown growth this year\" and the banks in Lebanon are going to record profits in 2008 in excess of 2007 profits by approximately 10 percent.\"\u003cbr/\u003eThe comments from the country's Central Bank governor came as many banks around the world are losing big money and laying off thousands of employees.      \u003cbr/\u003eThe strength of the country's banks is largely a reflection of the country's resilience as it has repeatedly looked to rebuild after years of conflict and instability turned broad swaths of Beirut into a gutted battleground with different areas controlled by competing militias and armies.\u003cbr/\u003eIn addition to the 1975-90 civil war, the country has also struggled with a high national debt, chronic budget deficits and wars with Israel. \u003cbr/\u003eBut amid that chaos, decades-old banking secrecy laws turned the tiny country on the east side of the Mediterranean into the region's Switzerland, attracting clients from around the Arab world who prized the anonymity its banks afforded.\u003cbr/\u003eThat privacy has allowed Lebanese banks to stay comfortably afloat, even in the worst of times. \u003cbr/\u003eAnd, as many of Lebanon's 66 banks are family owned, they have shied away from riskier investments that have hammered other banks around the world.\u003cbr/\u003eInstead, they have loaned billions of dollars to the government, at higher interest rates than in the US.\u003cbr/\u003eSalameh said the Central Bank has, for years, regulated structured products and derivatives, and has forbidden the acquisition of sub-prime mortgage debt, which triggered the current global crisis. \u003cbr/\u003eHe said the country had no toxic assets in its banking sector and that has created a comfort to the markets and to depositors.\u003cbr/\u003eSalameh also said private banks' assets currently top 100 (b) billion US dollars, or nearly four times the country's gross domestic product. \u003cbr/\u003eForeign currency and other assets held by the Central Bank have risen steadily to nearly 20 (b) billion US dollars.\u003cbr/\u003eMost of the country's banks have reported an increase in deposits and profits in the first nine months the year, he said.\u003cbr/\u003eAs the global crunch continues, the country may be hit by a drop in remittances from Lebanese living abroad, currently at about 5.5 (b) billion US dollars, he said. \u003cbr/\u003eEconomic expert, Ghazi Wazni, also expects a shrink in the Lebanese capital inflow because of job cuts in the Arab countries and in the Gulf states where many Lebanese transfer money to Lebanon from there. \u003cbr/\u003eBut Salameh believes that that decline would be offset by savings from a lower oil import bill as crude prices fall.\u003cbr/\u003eAccording to Salameh, Lebanon's national debt now stands at 46 (b) billion US dollars, or around 180 percent of the GDP, which he estimated would be 29 (b) billion US dollars in 2008.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv 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