(UPDATE) Aoun to money changers: Protect the country’s best interest

President of the Republic, Michel Aoun, on Tuesday asked money changers in Lebanon to protect the nation’s best interest and not to tarnish the country’s financial and economic reputation.

The President also stressed keenness on the free market economy in Lebanon.

Aoun went on to highlighted the need to have money changers announce exchange rates and suggested that they “agree on a draft ethical code of conduct to ensure the adherence of all employees in this profession to the established rules and regulations, in coordination with the Lebanese Central Bank and the Banking Control Commission.”

Aoun made these remarks during his meeting at Baabda palace with a delegation of the Syndicate of Money Changers in Lebanon.

“During the meeting, the President assured us that the Lebanese economic system is based on a free economy and is therefore subject to the theory of supply and demand. (…) The President also confirmed his personal follow-up on the way of dealing with money changers in an appropriate manner,” Syndicate’s vice head, Elias Srour, said as speaking to reporters after the meeting.

Srour also maintained that US dollars were available in Lebanon. “There is no need to panic,” he added.

Source: National News Agency