DUBAI: The Lebanese Central Bank has taken the necessary measures to maintain the stability of local lenders, according to Governor Riad Salameh.
“Despite the crisis in the region, the Lebanese Central Bank took all the measures that will lead to stability,” Salameh said in Dubai Tuesday.
The governor added that the position of the Lebanese banks was solid, and said that aside from the oil system, the banking sector and the foreign currency reserves were at their best, and that “no one can ask us to change our monetary policy.”
Salameh was speaking during a dinner banquet held by the Dubai & Northern Emirates Alumni Chapter at the Lebanese American University in his honor.
He said the main focus was to create trust in the Lebanese monetary system and local banks.
He noted that deposits at Lebanese banks had jumped from $6.6 billion in 1992 to $127.2 billion in 2012.
Salameh also focused on the growth of foreign currency and gold reserves from 1992 to date.
He stressed that the global economy was still experiencing the impacts of the 2008 financial crisis that hit the U.S., Europe and parts of Asia.
The reception took place at Al-Bustan Rotana and was attended by more than 500 invitees from the Lebanese community in Dubai.
At the end of the reception, Salameh was awarded the shield of honor from the Dubai & Northern Emirates Alumni Chapter at the LAU.
A version of this article appeared in the print edition of The Daily Star on March 27, 2013, on page 5.