Salam patronizes Annual Arab Banking Conference in Phoenicia

November 19, 2015 (REFERRING TO THE NATIONAL NEWS AGENCY – LEBANON) Prime Minister Tammam Salam confirmed that the Lebanese Pound (Lira) has been able to maintain its status despite all political crises, economic downturn and terrorist threats, adding that Lebanon succeeded despite all pressures to maintain the stability of its financial status.

Salam’s words came during the opening of the Annual Arab Banking Conference on Thursday at Phoenicia hotel in Beirut.

Salam welcomed the attendees and thanked all the Arab countries, on top of them the Saudi Kingdom and the Gulf cooperation Council countries, as well as the donor Arab organizations and funds, which have always supported Lebanon in all fields.

“In the heart of the political crisis, we recorded last week a victory for wisdom and national responsibility as the parliament approved during an exceptional session a group of drafts which are of great importance to our economy, especially the banking and financial sector,” Salam said.

Salam stressed that the approved laws provided a complete legal umbrella for money laundry, transferring money and funding terrorism, pointing out that the Lebanese Banks have always committed to the international standards and regulations in this regard.

Salam added that the parliament also approved during the same legislative session a number of international funds and agreements with international financial institutions regarding funding important infrastructure projects, adding that such projects would have positive impact on the economy growth of the country and would create work opportunities.

Salam stressed that the innocent blood which was shed in Bourj Al-Barajneh raised a wide wave of rejection and condemnation to terrorism and terrorists, considering that the opportunity is open to build on this national solidarity to widen communication and deepen the ongoing dialogues to reach solutions that protect our country and fortify it against the dangers of the regional incidents and their repercussions.

Salam called upon all political forces to communicate and agree on what would allow facilitating the governmental work and serve the Lebanese interests.

“It is due time to put an end to the existing imbalance and reinvigorate political life through activating the work of the constitutional institutions,” Salam concluded.

In turn, Governor of the Central Bank of Lebanon, Riad Salameh, confirmed that the Lebanese Lira is stable and will stay so.

“The Lebanese Lira is stable and will continue to be so, and all the circulated rumors did not affect the market place,” Salameh said.

Salam stressed that the Central Bank of Lebanon has succeeded in stabilizing the Lebanese Lira exchange price, adding that the Bank is working on widening and developing that paying systems.

SOURCE: NATIONAL NEWS AGENCY