Lebanon's Central Bank chief says country's banks still resilient
Despite regional instability, Lebanon's banking institutions remain safe, the country's central bank chief claimed on Tuesday
Lebanon's Central Bank Governor Riad Salameh assured on Tuesday that the Lebanese banking and financial sectors have not been affected by the ongoing crisis in the region.
Talking to reporters before his departure to Geneva to participate in a conference, Salameh said that there is still steady growth in the balance sheets and deposits of Lebanese banks despite the current political and security situation in Lebanon and the Middle East.
“Apart from the oil-producing countries, Lebanon was the only country in the region which was not affected by the financial crisis that hit the world in 2008,” he said.
“Lebanon is quite capable of financing its needs both in the public and private sectors,” the governor explained.
Lebanese bank deposits stood at $127 billion in 2012 and this represents three times the country’s GDP.
Salameh also praised the Middle East Airlines (MEA) which he said was still able to make profits despite the difficult working environment in the country.
The Central Bank controls 99 percent of MEA.
- Will terror attacks damper Arabs' appetite for European holidays?
- So cool it's hot: Saudi Arabia's $3.2B HVACR market driven by construction boom
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- OPEC's poor history of compliance will make production cut deal a challenge
- Lebanon banks’ 2012 growth hinges on regional changes
- Australia Readies to Raise Interest Rates, Says Central Bank Chief (Euro Open)
- Lebanese financial system showing "resilience"- Central Bank deputy
- Running the country's economy from the outside? Libya's central bank chief fired amidst power struggle
- Lebanon's banks not affected by strife in the region