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Salameh at SEA Awards: Cedre capable of generating growth, Lira will remain stable

Governor of the Central Bank, Riad Salameh, assured at the opening of the 8th Social Economic Award (SEA 2017) held by First Protocol at the Casino du Liban that "the Lira will remain a stable currency as digital data confirms so, despite all the fuss, rumors, negative campaigns and reports faced by Lebanon since 2015."

"The only project we have today is the Cedre project, which is supposed to rehabilitate the infrastructure and thus generate growth," he said.

"The Lebanese pound was under pressure during 2018, as Lira liquidity increased due to the high budget deficit caused by the salary scale that raised salaries by 28%, as well as the rise in international oil prices," Salameh said, noting that "Lebanon's Central Bank has been able to control the situation because we have pre-empted engineering and financial operations that have strengthened our assets in foreign currencies and reduced the available liquidity in Lira."

Salameh deemed reforms the responsibility of the State and not that of the Central Bank.

"We have maintained confidence in our currency and our banking sector, and we must work to enhance investor confidence," he concluded.

Source: National News Agency

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