Lebanon central bank head Riad Salameh defends record amid crisis – The National

Lebanon central bank head Riad Salameh defends record amid crisis – The National

The head of Banque Du Liban has come under fire for the handling of the country's dire economic crisis. 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.. Lebanese law states that the central bank must finance the government at its request, he said.. "We have contributed to reducing the cost of public debt by lending to the state at low-interest rates“¦ The central bank has funded the state but not spent its money," he said.. The central bank was not the only one to finance successive Lebanese governments, he pointed out.. In his speech, Mr Salameh attempted to reassure the public, saying there was no need for a haircut.. As dollars disappear from the local market, the Lebanese pound's value has been in a free fall and is currently negotiated at around 4,000 Lebanese pounds to a dollar though it remains officially pegged at 1505.7 pounds to the dollar.. Mr Salameh, who was appointed governor in 1993, said that the central bank is attempting to stabilise the price of the Lebanese pound as much as possible, but that prices ultimately depend on supply