After 30 years in his post, Lebanese Central Bank governor steps down

Controversial Governor of the Lebanese Central Bank, Riad Salameh, has stepped down after 30 years in office, news agencies reported, noting he is facing charges of money laundering, fraud and embezzling public funds.

The 73-year-old’s term ended yesterday, as Lebanon’s financial losses stood at in excess of $72 billion, more than three times its gross domestic product (GDP) in 2021, the World Bank said.

Late Prime Minister Rafic Hariri appointed him to the post in 1993 and he maintained the stability of the Lebanese Lira stable at 1,500 against the dollar, but Lebanon’s economy has now almost collapsed and the World Bank has warned that it is facing one of the worst economic crises of the last 150 years.

Salameh accused the country’s politicians of using him as an “scapegoat” for their economic failures.

He faces charges of money laundering and fraud in Lebanon and six European countries including Switzerland and France. In March 2022, authorities in France, Germany, and Luxembourg seized assets worth €120 million ($130 million) related to Salameh as part of a co-ordinated operation.

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