Recognition for Salameh

The Banker chooses Riad Salameh as Middle East’s Central Banker of the Year

The Governor of the Central Bank, Riad Salameh, was selected as the Middle East’s Central Bank Governor for 2012 by London-based magazine, The Banker.

This is the third time Salameh has been elected the best Central Banker in the Middle East. The Banker previously selected him for the title in 2008 and 2009.

“Salameh’s stewardship of the Lebanese banking sector was confirmed by his re-appointment to a fourth consecutive six-year term as governor of Banque du Liban (BDL) in July 2011,” according to the magazine.

The Banker said that “in spite of domestic political paralysis in the first half of 2011 and the prevailing Arab Spring uprisings, Salameh has maintained stability in the Lebanese banking sector.”

It said that “despite the presence of significant Syrian funds being held in Lebanese banks, the country has largely been immune to what is happening both in neighboring Syria and across the world because of its prudent financial model of being highly liquid and well capitalized.”

According to The Banker, Salameh has also been widely credited with stabilizing the domestic currency, which has resulted in a noticeable rise in deposits denominated in this currency. It said that Salameh has also been effectively overseeing the financing of Lebanon’s public debt.

The Banker said that Salameh intends to maintain his strictly conservative stance. It cited a BDL circular requesting that banks raise their solvency ratio to 12 percent by 2015 – noticeably higher than the seven percent stipulated by Basel III criteria.