Beirut- Central Bank Governor Riad Salameh has said that the election of President Michel Aoun and the designation of Saad Hariri to form the cabinet will boost the confidence of the consumers and investors.

Parliament elected Aoun last month, ending a more than two-year vacuum that had paralyzed state institutions and dealt a severe blow to a weakening economic situation.

Speaking at the opening of a banking conference organized by the Union of Arab Banks on Thursday, the governor said the Central Bank’s foreign currency reserves in September 2016 have risen 5 percent and reached a historical record.

For his part, the president of the Association of Banks in Lebanon Joseph Torbey expressed satisfaction with the election of a new president.

“Beirut has always been keen on embracing Arabs. Lebanon’s citizens and economy remain steadfast amid a huge earthquake shaking the Arab region,” he said.

He stressed the importance of Arab banks dealing with the geopolitical changes in the right manner.

“Our Arab banks are facing great challenges amid tough international laws and legislations pertaining to money laundering and terrorism financing,” Torbey said.

He said that in light of the new challenges, Arab banks are required to launch an effective lobby to coordinate the stances of Arab countries on all levels.

Torbey hoped that the conferees would come out with specific recommendations to create an “Arab international lobby” to better serve the banking sector in the region.