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Lebanon's central bank chief says he will not renew his term

screwball

By screwball,
in World Economy

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screwball Grand Master

screwball

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CAIRO, Feb 19 (Reuters) - Lebanon's embattled central bank chief Riad Salameh said on Sunday he would leave his post once his latest term ends in July even if he is asked to stay longer.

"No one has asked me to continue [as central bank chief] but even if they do, I think this is enough," he said in a televised interview with Egypt's AlQahera News on Sunday.

Salameh, who became the head of the central bank in 1993, has come under increased scrutiny both at home and abroad since Lebanon's financial system began unravelling in 2019.

 

The collapse has locked most savers out of their bank accounts and pushed more than 80% of Lebanon's population below the poverty line.

Salameh, meanwhile, is being investigated in Lebanon and abroad for alleged embezzlement. Lebanon's finance minister has said he would be difficult to replace once his term ends.

 

https://www.reuters.com/world/middle-east/lebanons-central-bank-chief-says-he-will-not-renew-his-term-2023-02-19/

On Sunday, Salameh said the economic crisis was due to ongoing political instability and that inadequate foreign currency reserves had prompted parallel exchange rates.

Earlier this month, Lebanon officially devalued the national currency for the first time in more than two decades to 15,000 pounds to the U.S. dollar, a 90% devaluation from the previous peg of 1,507.

That still lies far off the parallel market, which has hovered around a record-breaking 80,000 pounds to the U.S. dollar over the last week.

Salameh on Sunday said Lebanon's foreign exchange reserves currently measured at $10 billion and that he was in favor of unifying all exchange rates - one of the preconditions set out by the International Monetary Fund for Lebanon to get access to $3 billion in relief funds.

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Those preconditions also included an audit of the central bank's foreign asset position, which includes gold.

Salameh said on Sunday that Lebanon's gold reserves were valued at $17 billion.

The central bank had announced in November 2022 that a "specialized and professional international auditing firm" had completed an audit of the gold reserves but had not announced its value.

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screwball Grand Master

screwball

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hmmm...and they are falling

 

17 Aug 2022 — CAIRO, Aug 17 (Reuters) - Egypt's central bank governor Tarek Amer has submitted his resignation, the office of President Abdel Fattah ...
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17 Aug 2022 — President Abdel Fattah al-Sisi had accepted Tarek Amer's resignation and appointed him as a presidential adviser, Egyptian state media reported.
 
5 Apr 2022 — The governor of Sri Lanka's central bank says he has submitted his resignation as the country faces its worst economic crisis in decades.
 
17 Aug 2022 — Egypt's central bank governor resigned Wednesday as the country struggles to address its economic woes. President Abdel Fattah al-Sissi ...
 
17 Aug 2022 — CAIRO (AP) — Egypt's central bank governor resigned Wednesday as the Middle East's most populous nation struggles to curb inflation ...
 
22 Aug 2022 — Last Wednesday, in a sign of the increasing financial and economic turmoil engulfing the brutal regime of Egypt's military dictator Abdel ...
 
4 Oct 2022 — KYIV (Reuters) -Ukrainian Central Bank Governor Kyrylo Shevchenko abruptly submitted his resignation on Tuesday, citing health reasons in a ...
 
10 Mar 2022 — Deputy Governor, Guy Debelle, announced today that he was resigning from the Bank, effective Wednesday, 16 March.
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