President's Letter - 2019

Dear ACI friends and colleagues,

The year we have embarked in is full of good promises.

On the international front, despite some weakening of the world economy, the settlement of the trade dispute between the US and China seems imminent and should give a boost to the lagging world economy.

On the national front, the formation of the new government and the promise to combat corruption should form a turning point in our state of affairs.

It is well established that the currency of a country is its flag bearer and represents its wellbeing. Also, the core of money is trust and promise, “I promise to pay the bearer on demand the sum of…” says the British pound; on the U.S. dollar we read “In God We Trust”

Our pound has weathered all climates and is the main focus of our new directory, and our cover page clearly reflects our trust in our currency.

As we trade our own currency, we should always remember that it is, not only our flag bearer, but also the heartbeat of our country and a sign of stability of our economy despite the hazards of politics.

The situation in the region, from the war in Syria to the plunge in oil prices, may have weakened our economy but not our pound. This is not the work of magic but a clear evidence of the sense of responsibility our traders have shown and also reflects the ingenuity and wisdom of our Central Bank Governor, Mr. Riad Salamé, Honorary President of ACI Lebanon.

Our banking system is facing many new challenges this year like new taxes and new regulatory issues which might impact their profitability. In view of that, the ACIFMA Board is planning more education seminars focused on international and local regulatory requirements.

On the other hand, we cannot discount some turbulence on the way to full stability in our economy, but we should not forget that we coped with much difficult times before.

Finally, if we believe in our national currency, we can make it prosper and it will make us prosper.

Your colleague
Nakhlé Khoneisser
President, ACI Lebanon