| 05 Dec 2008 |
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Salameh urges Lebanese banks to offer more loans
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BEIRUT: Banque du LibanBanque du Liban
Governor Riad Salameh on Thursday urged the Lebanese banks to offer more but carefully calculated loans to the private sector in 2009. Speaking to the board members of the Association of Banks in LebanonAssociation of Banks in Lebanon, Salameh said that if the loans to the private sector surged by 10 percent in 2009 this would surely help the country's GDP growth. The governor expressed his satisfaction with the monetary situation in Lebanon despite the severe global credit crunch. He added that the central bank bought $1 billion in US dollars in October and another $900 million in November to boost the foreign-currency reserves. Salameh said the balance of payments has recorded an accumulated surplus of $2.5 billion in the first 10 months. "The flow of capitals and remittances is still very strong," he said. He also said that many Lebanese are converting their dollar deposits to Lebanese pounds. Finally, Salameh called on the bankers to finance some of the helicopters the government intends to buy to extinguish fires. - The Daily Star© Copyright The Daily Star 2008.
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