Riad Salemeh reiterates Lebanon’s financial position

24Mar09

It is hard not to admire such a philanthropist, as yet again Riad Salemeh has taken charge in leading Lebanon into a relatively safer economic path.

Head of Banque Centrale, Riad Salemeh said that he believes Lebanon will not feel the negative impact of the (world) financial crisis if it avoids political and security clashes because the main cause of the crisis is the huge amounts of loans given by Western banks, which are limited in the case of Lebanese banks.

There is no need for brutal liquidation whether in the real-estate market or any other sector in Lebanon,” said Salameh. “The US secretary of treasury announced that the US is going to buy $1 trillion worth of toxic assets which are not available in Lebanon and this is an advantage as well,” added Salameh.

He stressed that foreign central banks are subscribing to sovereign bonds in large quantities to fund their governments while they used to criticize Lebanon for doing the same.

Asked about challenges facing Lebanon as a result of Lebanese expatriates coming back home, Salameh said the financial sector plays a very important role in decreasing the negative impact of their return. He believes interests on loans should be decreased so people can take more loans and open private businesses which will lead to economic growth and create job opportunities for everyone.



2 Responses to “Riad Salemeh reiterates Lebanon’s financial position”

  1. What’s up friends, good paragraph and fastidious urging commented at this place, I am truly enjoying by
    these.

  2. Even though the problem started with the banking sector, it now spans other areas. I believe Lebanon will still be affected by the recession because expatriates are sending less and less money to their relatives in Lebanon, which represents a major money influx to the Lebanese community. This will lead a good number of people in Lebanon not to spend as much as before.


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