The head of the Association of Banks in Lebanon Joseph Torbey speaks during a news conference in Beirut, Thursday, Aug. 2, 2018. (The Daily Star/Grace Kassab)
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The President of the Association of Banks in Lebanon Joseph Torbey said Thursday that the money deposited in Lebanese banks during the era of former President Saddam Hussein had been repatriated.The banker was responding to media reports on the foiled attempts to extort money by some Iraqi and Lebanese nationals, who claimed that Iraqi money deposited in Lebanese banks belonged to them.Torbey emphasized that the main goal of those claiming money in Lebanese banks was extortion.Torbey also stated that the Lebanese banks did not lose any money as a result of the scam."About 131,000 citizens benefited from these housing loans," Torbey said.He added that despite weak economic growth, the banking sector recorded 5.7 percent in total asset growth during the first five months of the current year, while deposits grew by 2 percent or close to 2.4 percent in the same period of 2017 .
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