Central Bank Governor Riad Salameh said that Lebanon’s pound was stable, underlining the need for Arab countries to further stimulate the pace of economic growth, by adopting economic reforms and directing their policies towards investing in human capital and supporting research, innovation and knowledge.
Speaking at a meeting of the 42nd Ordinary Session of the Governors of Central Banks and Arab Monetary Institutions held in Amman, Jordan, Salameh emphasized the need for Arab financial institutions and companies to conduct a comprehensive assessment of their current status and the changes to be implemented in order to ensure compliance and to avoid any reputational risks and huge sanctions imposed in case of violation.
He noted in this regard the presence of different legal frameworks for data protection and privacy among countries of the Middle East, which require those countries to adopt new legal and practical arrangements to ensure compliance with the provisions of the new law.
Salameh revealed that a circular has been issued in this regard, which ensures that banks and financial institutions in Lebanon will abide by procedures and measures in accordance with the provisions of the law, especially in terms of the appointment of a personal data protection officer and a representative to the European Union.
