January 12, 2017

Riad Salameh: Lira is safe with me

“The monetary situation will remain stable during the period I will be at the helm of the Central Bank,” said Riad Salameh, Governor of the Central Bank. In a lengthy television interview with LBC’s Marcel Ghanem on Thursday, the Governor predicted stability, and a positive financial year in 2017.

Qualifying the various challenges in 2016, he said: “It was a difficult journey.”

He said: “Our intentions were put into doubt,” [when the time came to implement measures meant to comply with US laws on terrorism and money laundering]. “Compliance with U.S. laws has finally been accepted by all sides,” he said.

Salameh said that the national interest is for local banks to remain engaged with the global financial world.

The mandate of the Governor expires at the end of July. “It is normal for the executive branch to study what future options are,” he said.

Salameh expressed satisfaction with market behavior. “I am being judged every day. What matters are the markets which have given me their full confidence,” he said.

“When many other countries have failed, Lebanon has succeeded,” said the Governor.