Central Bank Governor Riad Salameh on Tuesday voiced confidence over the financial situation and the Lebanese pound’s stability, stressing faith in the country's ability to overcome hardships.
“The monetary situation is under control and we are not afraid of an economic downfall,” Al-Joumhouria newspaper quoted Salameh as saying.
“Spreading fear among the Lebanese is unjustified,” he pointed out, reiterating that nothing can affect the Lebanese pound’s stability based on the financial facts and data he has.
“I am confident of our ability to ensure financial stability for a year or two or even more, and to continue funding the state's basic expenses," he assured. "However, the state should devise solutions and set out policies that allow an economic growth to be achieved."
Salameh pointed out that the main problem lies in the absence of a comprehensive economic vision, warning that this increases the burden on the Central Bank.
"The drastic solution to the economic crisis must be based on two main foundations: increasing economic growth and adopting a serious plan to contain the public debt.”
“Further indebtedness does not generate economic growth,” he stressed, calling for creating a favorable environment to attract investments that would help decrease the unemployment rate and initiate economic dynamism.