Lebanese banks secure amid global corrections

Central Bank Governor Riad Salameh said that the latest hits taken by European banks and stock markets will not be felt by the Lebanese banking sector since Lebanon’s hedge funds are strong enough to weather the current slackening of the world economy.    

During the Arab Investment Conference for Banking, Industry, Tourism and Real Estate, Salameh stressed that the financial repercussions of the “Arab spring” will not be felt by Lebanon’s financial markets.

“Lebanon’s gold reserves are at $17 billion and the central bank foreign currency holdings are at $33 billion”, Salameh said, adding, “Bank deposits are increasing by 7 to 10%, which is a strong indicator of growth”.

The President of the Lebanese Banks Association reassured investors that the international community will not impose sanctions on Lebanese banks given that their finances are being scrutinized regularly.   

President of the Federation of Arab Industrial, Commercial, and Agricultural Chambers, Adnan Al Kassar, said that despite the worldwide financial corrections, the Lebanese economy and financial sector are still intact.