Salameh, left, projected GDP growth at 2 percent in 2018. Siniora, right, said: “We need to go back to giving credit to meritocracy.”
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Central Bank Gov. Riad Salameh said Thursday that Lebanese commercial banks have succeeded in maintaining the inflow of foreign currency deposits with the support of BDL, which helped preserve an acceptable level of economic activity in the country. He said customer deposits had risen by an average of 4 percent. The governor also projected GDP growth at 2 percent in 2018, very close to average growth in the Middle East and North Africa region.BDL respects market trends in identifying benefits that have reached levels of monetary equilibrium," the governor said.He added that the interest rate on deposits in Lebanese pounds is 8.5 percent, while the interest rate on deposits in dollars is 5 percent.The governor also underlined the importance of partnerships between the public and private sectors.Torbey said that the private sector has the expertise that can largely benefit the public sector.Siniora told The Daily Star that the public sector's future partnerships with the private sector will focus on the electricity issue, although concrete steps have yet to be taken.
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