Central Bank of Lebanon Governor to Step Down at End of Mandate

The governor of the central bank of Lebanon, Riad Salameh, said he has decided to leave office when his current term ends in July.

He said in an interview with ‘Al-Qahera’ news channel on Sunday that he was not asked to work for a new period and that he felt that the previous period was enough.

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He added: “No one has asked me to renew, but even if they ask, I believe in my will. God is generous.”

Salameh said that Lebanon’s current economic crisis is due to the ongoing state of political instability that afflicts it and that parallel exchange rates are caused by the insufficiency of its foreign exchange reserves.

“The freedom left in the market is because I don’t have enough reserves to intervene,” he said.

Salameh added that Lebanon’s current foreign exchange reserves amount to ten billion dollars and that gold reserves are estimated at about 17 billion.

He said: “The reserves today are 15 billion, 10 billion as much as I have used abroad, and the rest is local dollars, and gold in Lebanon is worth about 17 billion”.