BEIRUT, Nov. 9 (Xinhua) -- Salim Sfeir, head of the Association of Lebanese Banks, assured on Saturday that depositors' money is secure, said a statement by the association.
"Depositors' money is secure and what is happening in the country has nothing to do with problems related to banks' liquidity. There is no need to panic," Sfeir said.
Sfeir's remarks came following a financial meeting held at Baabda Palace in attendance of President Michel Aoun, Central Bank Governor Riad Salameh in addition to the economy and finance ministers.
Sfeir said that the central bank's governor will make efforts to secure money for depositors especially those with small accounts.
He also assured that Salameh will continue to take the necessary measures to preserve economic and monetary stability and the proper functioning of the banking system in the country.
A shortage in the U.S. dollar lately caused by the economic slowdown and the drop in cash injections from the Lebanese abroad reduced the central bank's foreign currency reserves.
Hence, the demand for dollar has created a parallel market in which 1 dollar is selling on the black market at more than 1,600 Lebanese pounds which is higher than the official exchange rate.
