Salameh: Aoun’s election and Hariri’s designation boosted confidence of consumers and investors

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2016-11-24 | 04:59
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Salameh: Aoun’s election and Hariri’s designation boosted confidence of consumers and investors
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2min
Salameh: Aoun’s election and Hariri’s designation boosted confidence of consumers and investors

The Governor of Banque Du Liban, Riad Salameh, said Thursday that the private sector loans increased by 5%, noting Lebanon’s central bank will continue to support all projects aiming at providing energy in cooperation with European countries. He also expected a growth of 1.5 to 2% with inflation rates close to zero in 2017.

 

During the inauguration of the Annual Arab Banking Conference held in Phoenicia Hotel, under the title “Lobbying for Better Arab - International Banking Cooperation", Salam​eh noted that the election of Michel Aoun as president and​ the designati​on of Saad Hariri as prime minister have boosted the confidence of the consumer and the investor, pointing out that the banks have raised their funds in order to continue granting loans.

 

For his part, Head of the Association of Banks in Lebanon Joseph Tarabay expressed the banking sector’s relief over the election of a new president in Lebanon, stressing that the country has been steadfast with its citizens and economy in facing the conflicts in the Arab World.

 

In this context, he stressed the need that the Arab banks deal with the new geopolitical developments and the issue of the correspondent banks in America, as well as the decrease in liquidity in the main markets and the quick rise of emerging economies.

 

Tarabay also noted that the Arab banks are currently facing many challenges related to politics and security as well as money laundering, funding terrorism and tax information exchange, adding that these challenges have been affecting the banks’ routine activities.

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