Torbey speaks to the media following the general assembly meeting for ABL at the association’s headquarters. (The Daily Star/HO)
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The head of the Association of Banks in Lebanon Joseph Torbey said Friday that less than 2 percent of the deposits exited the Lebanese market when Prime Minister Saad Hariri submitted his resignation in 2017 . Torbey made these remarks following a general assembly meeting for ABL held at the association's headquarters. Hariri abruptly submitted his resignation on Nov. 4 .But thanks to the intervention of Central Bank Gov. Riad Salameh, commercial banks were able to keep most of the deposits and even drew more after increasing the interest rates on Lebanese pound deposits.
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