BEIRUT

Lebanon News

Central Bank protects economy's stability: Salameh

Central Bank governor Riad Salameh speaks during a conference in Beirut, Monday, June 9, 2014. (The Daily Star/Mohammad Azakir)

BEIRUT: Governor Riad Salameh said Tuesday the Central Bank will protect the economy’s stability and overcome the recent crisis, calling for the quick revival of political institutions.

“In these circumstances, I would like to confirm that the Central Bank will protect monetary and credit stability in Lebanon,” Salameh announced during at the 11th Banking and Economic Conference 2014 - intitled “Banque du Liban after Half a Century,” and organized by First Protocol.

The Central Bank’s policies and the conservative banking model increased trust and stimulated economic growth by reducing interest rates, Salameh said.

Salameh mentioned the Syrian refugee crisis in his comments, arguing that “it demonstrated the solidity of the national economy.”

“[It proved] that Lebanon has succeeded in confronting the difficult political and security circumstances, and was able to stand the burden of over 1 million Syrians,” he continued.

Concerning the recent developments over the salary scale, Salameh said the “realistic solution is to pay it over five years so that salaries are increased on a yearly basis.”

“The presidential void is an unnatural thing that will hopefully not last long, because it creates pressure on ... the Cabinet and the Parliament’s performance,” he said.

He called on all political actors to take responsibility for reviving institutions, and thus helping Lebanon’s economy.

 

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