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Monetary situation good, economy poor - Central Bank of Lebanon  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 07/11/2012

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(MENAFN - Kuwait News Agency (KUNA)) The Governor of the Central Bank of Lebanon, Dr. Riad Salameh, confirmed here on Tuesday the soundness of the monetary situation as opposed to the volatility of the economic state of the country.

In an interview with Al-Safir newspaper, Salameh said that "the financial and banking situation is sound and Lebanon was able to stress its positive image in terms of safe performance through conferences abroad." The monetary situation is in good position, but the economic situation as a whole is bad due to slip in most economic indices, he stressed.

Salameh said, "the bill market has remained stable despite the assassination of Brig. Gen. Wissam Al-Hassan, Head of the intelligence division of Lebanon's domestic security forces, and demand was limited and therefore no intervention by the central bank was needed.

"The Central Bank of Lebanon only stepped in to buy US dollars when the market returned to calm," he added.

There is a decline in tourism activity and commerce, and there is slump in various sectors, especially in investments and exports. Real estate also suffered due to the deteriorating political and security conditions in Lebanon and the region, Salameh concluded.

Al-Safir had reported that the Central Bank of Lebanon instructed Lebanese banks, due to the deteriorating economic situation, not to ask merchants and owners of touristic and industrial institutions to pay off their debt and to work on rescheduling payments instead.

 






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