Governor Riad Salameh confirmed that the Central Bank (BDL) is capable of maintaining the stability of the lira exchange rate, even under tough economic circumstances. Salameh was speaking at the ‘Forum on the Economic Future of Lebanon’ held  Monday, June 9.

Salameh expected an annual increase of bank deposits ranging between five and six percent this year. According to him, interest rates are stable with an appetite to purchase the State’s securities in US dollars and lira. He noted that there was improvement in the market prices of eurobonds recently and a decrease of insurance costs related to country risks. “The BDL will always be ready to ensure the stability of interest rates and the solvency of the State when necessary,” he said.

Between 1992 and 2013, the BDL’s assets went up from $5 billion to $80 billion, while private funds reached $3.4 billion up from $43 million. During that period, gross foreign reserves went up from $1.4 billion to $36 billion. 

Banking sector assets increased from $11 billion to $165 billion, while the GDP grew from $7.5 billion to $45 billion.