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Salameh at First Protocol Conference: Lebanon bearing displacement burden sign of economic resilience

June 11, 2014

NNA - The Central Bank Governor Riad Salameh said that "Lebanon will pay all reimbursements it owes, and the market is the best proof of that."

Salameh pointed out that "what is left of them is a debt that does not exceed 500 million dollars, in exchange for debt service of approximately 800 million dollars."

He also reminded of his proposal which he described as a realistic solution to the salary scale issue by paying it over a period of five years, provided that the wages are corrected annually.

Moreover, Salameh assured that "Lebanon's bearing the burden of massive Syrian displacement alone highlights the resilience of its economy."

Salameh spoke at the 11th Banking and Economic Conference organized by the "First Protocol" under the title "Bank of Lebanon after half a century", held at Phoenicia Intercontinental Hotel - Beirut, in the presence of Minister of Information Ramzi Jreij, MPs Ghazi Aridi and Fadi Habr and ranking dignitaries and officials.

"Presidential vacuum is an unusual condition which we hope would not last any longer. Vacuum puts pressure on the normal functioning of constitutional institutions as the Cabinet or the House of Representatives. I would like to emphasize in this context the fact that the Central Bank of Lebanon will maintain monetary stability in Lebanon. (...) The confidence and capabilities available to the Central Bank of Lebanon and to the banking sector lend credibility to this position imposed by the national interest and by our will to protect our economy," Salameh said.

"Our banking system is sound. It succeeded in bypassing local and regional crises and continued to grow. It is a foundation stone for financing private and public sectors," he concluded.


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Source: National News Agency (Lebanon)

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