The Governor of the Central Bank of Lebanon, Riad Salameh, announced that this is my last term at the Central Bank of Lebanon, and I confirm this matter. After a few days, I will close the chapter of the “Central Bank.”
Salameh said in an interview with “LBCI” that “Lebanon achieved growth during my tenure, with the GDP rising to over $55 billion, and the banking sector witnessed an increase in deposits to over $170 million.”
He added: “I appreciate the support of the governor’s deputies, and we were a cohesive team during the 3 years. Despite our differences, our main concern was serving Lebanon. Today, we are at a crossroads as there is no appointment of a new governor, and at the moment, the deputies of the governor, led by the First Deputy, are tasked with taking over.”
He continued: “The deputies of the governor did not accuse me of violating the laws, and decisions that go beyond the Central Council are implemented by the governor. He is also responsible for implementing the monetary and lending law, and intervening in the currency market to buy and sell the US dollar was done in agreement with the Minister of Finance.”
He clarified that during the negotiations with the International Monetary Fund, he was the one who demanded the cancellation of Article 191 of the monetary and lending law, which allows the state to borrow from the Central Bank of Lebanon. The first steps of serious reform begin with canceling the possibility of the state borrowing from the Central Bank of Lebanon.