A delegation from the new board of the Association of Banks in Lebanon, headed by Dr. Joseph Torbey visited Parliament Speaker Nabih Berri at his headquarters in Ain el Teyneh where they reviewed the situation in general with special emphasis on the financial and economic conditions which is of significant importance for the Lebanese.

At the outset of the meeting, Berri expressed his congratulations on the election of the new Board of Directors of the Association and especially in the atmosphere of consensus, stressing the role of banks in maintaining the country's stability, especially in this difficult and delicate situation in the history of Lebanon and the region. He also heaped praise on the resilience of Lebanese banking sector and pointed to the growing confidence of this sector both domestically and internationally and its contribution to the Lebanese economy.

He stressed, at the political level, continuous efforts with various political forces in the country in order to fill the vacuum in the presidency of the republic in the nearest time and re-energize and activate the work of all constitutional institutions, and especially the Parliament by resuming discussions to adopt a number of legislations that serves the country’s highest interests and for the welfare of the public.

For his part, Dr. Torbey thanked Berri’s tireless efforts in national affairs, and was keen to emphasize the strength of the banking situation. Still, Dr. Torbey warned that the paralysis in the country could negatively affect the sovereign rating of Lebanon among the international rating agencies and this could lead to increasing the cost of Lebanon’s borrowing in international financial markets.

He added that this paralysis could also affect the performance of government departments and thus prevent the implementation of needed reforms that are demanded by the Lebanese economic committees as well as the International Monetary Fund.

From here, the delegation stressed the importance that the parliament resumes its legislative work and to speed up the issuance of a number of financial laws that are required internationally, at the forefront of the proposed amendments to Law No. 318 and the law of the exchange of tax information and the law of the transfer of money across borders, because these measures would facilitate Lebanon’s dealing with international markets and improve its ability to combat all forms of money crime and money laundering operations.