Torbey meets Aoun, says despite volatility Lebanons banking sector remains the strongest

Thu 20 Jun 2019 at 11:23 Politics

NNA - President of the Republic, General Michel Aoun, on Thursday welcomed at Baabda Presidential Palace, President of the Association of Banks in Lebanon Joseph Torbey, with whom he broached the country’s financial and banking situation.

After the meeting, Torbey pointed out that President Aoun had commended the steadfastness of Lebanon’s banking sector despite all the regional developments.

"The banking sector has managed to maintain its liquidity levels and deposits. Despite doing so at a higher cost, the current situation still creates future confidence; no matter how volatile the circumstances are, the Lebanese banking sector remains the strongest," Torbey affirmed.

"It is important for the Lebanese people to make sure that the banking sector in Lebanon is among the most important in the world. It is the most successful sector in the Arab region and it is a strategic pillar for the prosperity of Lebanon's economy,” he added.

Torbey went on to say that talks with President Aoun had touched on the pressing need to accelerate reforms in the electricity sector, as well as on the gas extraction process.

In response to a question, Torbey noted that the elections of the Association of Banks will be held on the 29th of June.

================R.H.

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