Salameh: banking sector paramount financer for national economy

Lebanon's Central Bank governor, Riad Salameh, avowed on Monday "banking sector is the paramount financer for national economy." "Our banking sector had gained a confidence which bolstered its immunity and led to the stability of national currency, albeit the many crises," he corroborated. Salameh made these remarks during his meeting today with a delegation of Harvard University comprised of more than 60 students from different nationalities. As explaining bdl's work structure and role, Salameh was keen to shed light on the importance of the central bank's conservative policy. "When this policy bore fruits, everyone was relieved, trust in the banking sector increased, and markets were invigorated; mostly, Lebanon was spared the world financial crisis," he said. In response to a question, Salameh said that gold remains a mainstay to protect and support national currency and that the central bank intends to keep it (gold) unscathed. But he said this strategy could change if natural resources were found in Lebanon. Besides, Salameh saw Europe's financial crisis was down to the absence of a centralized decision or to the delay in decisions making.