SALAMEH: LEBANESE POUND STABLE, ECONOMIC SITUATION WELL CONTROLLED

Lebanese Central Bank Governor, Riad Salameh, confirmed Sunday that the Lebanese Pound is stable and the economic situation is well controlled.

During his meeting with representatives of economic organizations and prominent economic figures at the Beirut and Mount Lebanon Chamber of Commerce, Salameh touched on various steps that could consolidate the situation of different economic sectors.

“We are all here working to increase economic growth and create job opportunities, and it must be a fundamental goal for everyone in Lebanon,” said Salameh.

“Our policy at the Central Bank is based on the stability of the Lebanese Lira’s exchange rate, which is a constant policy and we have all the necessary potential to preserve that stability,” he reassured.

The Governor also spoke about the strengths of the Lebanese economy, criticizing those who compare it to the economy of Greece, for the latter “possessed no strong banking sector nor a vital private sector nor large reserves in foreign currencies.”

“Despite the country’s economic and financial difficulties, yet things are still under control and we are before the holding of international conferences that we hope will succeed because they will help Lebanon return to the path of advancement,” Salameh emphasized.

Moreover, he deemed that “if oil and gas are discovered next year, the reality will change dramatically, even before the cash flow.”

Salameh called for a broader role for the private sector while reducing the size of the public sector, in order to increase growth and create work opportunities in the country.

Source: National News Agency