Creating new perspectives since 2009

Governor of Lebanon Central Bank reveals Saudi role in deteriorating economy

November 12, 2019 at 10:53 am

Lebanon’s Central Bank Governor Riyad Salameh in Beirut on 15 December 2017 [JOSEPH EID/AFP/Getty Images]

The Governor of Lebanon Central Bank, Riad Salameh, said yesterday that the 2017 resignation of Prime Minister Saad Hariri following pressure from Saudi authorities has negatively affected the country’s economy.

On 4 November 2017, Hariri announced his resignation from the premiership in a televised speech from the Saudi capital Riyadh.

It was later revealed that Hariri was held against his will in Riyadh and forced to issue his resignation.

In May 2018 French President Emmanuel Macron took credit for intervening with the Saudi monarchy and helping release Hariri.

Meanwhile, Salameh said the central bank was allowing financial institutions to borrow dollars without limits at 20 per cent interest to secure depositors’ needs on condition such funds were not sent abroad.

READ: ‘No need to panic’ – Lebanon banking body tells depositors as protests continue