Lebanon central bank head Riad Salameh defends record amid crisis

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Hind Al Soulia - Riyadh - The head of Banque Du Liban has come under fire for the handling of the country's dire economic crisis

April 29, 2020

April 29, 2020

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Lebanon's central bank head Riad Salameh on Wednesday defended his record after being accused by the prime minister of failing to take action to stop a dire economic crisis and allowing a massive slide in the national currency.

In a televised speech, the head of Banque Du Liban disputed figures presented by Prime Minister Hassan Diab that showed central bank losses, said there was a coordinated campaign against him and said that the bank may have helped finance the government but it was politicians who spent the money.

Mr Salameh called on politicians to take overdue economic reforms but said it was not BdL's fault if successive governments have failed to take action.

He said that BdL is attempting to stabilise the price of the Lebanese pound as much as possible as it trades at exchange shops trade at nearly 60 per cent below the official peg. He added that it wasn't the bank's actions that had driven up the price of medicine, wheat or fuel and assured banks that their deposits with BdL are still there.

This is a developing story...

Updated: April 29, 2020 01:59 PM

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