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"They [foreign central banks] impose on our active banks rates that are three times higher than what is imposed on their own banks, [a policy] which really affects our earnings, competitiveness, and the revenues of the mother bank," Salim Sfeir, Bank of Beirut's chairman and general manager, told participants at the Arab Economic Forum.Sfeir urged commercial lenders to increase their private funds in order to maintain growth in Lebanon and abroad.Sfeir added that Lebanese banks are fully complying with Basel III capital adequacy requirements.Sfeir also highlighted the impact of globalization on the operations of Lebanese banks.
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