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Sfeir: Requesting from banks to participate in reducing debt must be voluntary

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10-05-2019 | 04:50

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Sfeir: Requesting from banks to participate in reducing debt must be voluntary

Bank of Beirut Chairman and CEO Salim Sfeir reiterated on Friday that the Lebanese lira is strong and stable, adding that the Central Bank’s reserves are available and exceed $40 billion, including the gold reserves.

Sfeir’s comments were made during a press conference whereby he noted that requesting from banks to participate in reducing the debt should be “voluntary, objective and in coordination with all banks and the Central Bank.

He also asserted that tightening the Central Bank and interfering in its working mechanism has negative repercussions on the economy.

On another note, Sfeir stressed that a series of conditions must be taken, including the provision of liquidity in the markets, the stimulation and encouragement of investment in national industries, the restoration of confidence, the reduction of interest rates and the reactivation of the real estate sector.

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