Speech to H.E President Michel Aoun – Tuesday July 16th, 2019
Today, we are honored to meet His Excellency the President of the Republic,
It was an occasion during which we presented the prevailing economic and financial conditions in the country.
His Excellency stressed on the prominent role played by the banking sector as a cornerstone of the economy and supporting stability in Lebanon.
For our part, we stressed the importance of the current phase of the adoption of the budget reforms, and the commitment to the deficit rate estimated at 7%. As well as taking all necessary steps to improve the financial conditions, especially the execution of the electricity plan and the Cedar Project, as well as the initiation of oil and gas exploration.
Lebanese banks are unique and are distinguished with high liquidity. Lebanon has all the potential and youth elements. The situation first requires reforming this course, to allow us as a banking sector to continue to support the economy and to create job opportunities.
On the occasion of the recent released measures, we reassured the President of the solidity and resilience of the Lebanese banking sector, especially that the Association of Banks has succeeded in recent years in applying the best compliance rules, as well as its commitment to the circulars established by the Governor of the Banque du Liban as well as international standards. Our banking sector is well connected with Financial Regulators in both the United States and Europe.
It is worth mentioning the efforts of the Governor of the Banque du Liban in safeguarding the monetary stability and reputation of the banking sector; and we reiterate our continued follow-up on all issues and challenges, both domestic and international.