Cash Position 'Stable' in Lebanon Despite Its Economic Ordeal

Published May 16th, 2019 - 08:55 GMT
The banking sector hopes to contribute to the country’s prosperity.
The banking sector hopes to contribute to the country’s prosperity. (AFP)
Highlights
There was “no doubt whatsoever” about the stability of Lebanon’s cash position, a sign of financial strength and liquidity.

President of the Banking Control Commission Samir Hammoud Wednesday described Lebanon’s cash position as “stable,” after briefing President Michel Aoun on the country’s financial and monetary situation.


Hammoud, one of five members of the commission, which supervises banks, financial institutions, money dealers, brokerage firms and leasing firms, reassured the president that there was “no doubt whatsoever” about the stability of Lebanon’s cash position, a sign of financial strength and liquidity.

The official added that Lebanon’s key concerns remain activating the economy, building on this summer’s tourist season - expected to be promising - and launching offshore drilling operations to access Lebanon’s potential oil and gas reserves, according to a statement from Baabda Palace.

“We are continuing to work to preserve Lebanon's reputation and safeguard its economy, so that ... we gain the confidence of the international community and international financial houses,” he said, adding that the banking sector hopes to contribute to the country’s prosperity.


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