Hajj Hasan called for $10 billion investment in infrastructure over a period of seven years. (The Daily Star/Ahmad Azakir)
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An increase by 1 percent in interest rate base rate in Lebanon would add $1.3 billion burden to the government's Treasury, Central Bank Governor Riad Salameh said Tuesday.Less than a month ago, the U.S. Federal Reserve raised interest rates for the second time in three months. But Lebanon kept its interest rates steady. Salameh said that the central bank is committed not only to maintain a fixed exchange rate for the Lebanese pound but also to keep interest rates stable even if they are increasing on regional and international levels.Salameh said that the banking sector grew by 9 percent in 2016 due to the financial engineering conducted by the central bank and which helped in maintaining the stability of the Lebanese pound in addition to improving the balance of payment without any increase in interest rates.
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