Arab capital markets meeting opens in Beirut
Lebanon-Regional, Economics, 5/11/2001
The 7th congress of the Arab capital markets opened in Beirut Thursday with 650 Arab businessmen and foreign finance experts attending.
The congress, held for the seventh year in a row in the Lebanese capital city, is debating the international investments climate and the world economic policy and its impact on the Arab region.
The encounter is attended by representatives from Egypt, Saudi Arabia, Kuwait, Jordan, Syria, Tunisia and Algeria.
Meanwhile at the conference, the Lebanese news agency said, Lebanese Prime Minister Rafic Hariri continued to stress that political stability exists, and shall continue in the Country. He indicated that "outside dangers" facing Lebanon are in no greater than those threatening any other Arab state. In this context, Hariri noted that the percent of the occurrence of a wide-scale aggression against Lebanon does not exceed the percent of a possible aggression against any neighboring or remote Arab country.
Premier Hariri's words came in his address during the inaugural ceremony this morning of the conference held at the Phoenicia Hotel in Beirut. The conference is organized by the Business and Economy Group, in conjunction with Lebanon's Central Bank, International Trade Chambers and International Finance Company (IFC).
In his delivered word, Lebanese Banks Association Board Chairman, Farid Roufayel, indicated that the government is currently working on a complementary legislative structure that ensures the success of privatization measures for certain public institutions and restructuring the hierarchy of the public sector. Roufayel also voiced support to the government's policy, considering it necessary to ensure economic growth.
Lebanon's Central Bank Governor, Riyad Salameh, stressed in his word that maintaining currency stability is a basic matter that leads to a genuine economic growth and encourages investments. Salameh also stressed on Lebanon's capability to maintain stability in currency rates, interests and services. Salameh also pointed out that the law pertaining for combatting money laundry shall satisfy depositors in the banking sector, since it respects international standards while preserving banking secrecy.
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