Riad Salameh: Lebanon’s tainted central bank chief steps down

Riad Salameh: Lebanon’s tainted central bank chief steps down

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Riad Salameh is blamed for mismanaging Lebanon's economy

Lebanon's central bank chief has stepped down as planned after 30 years, leaving the country facing an almost total collapse of its economy.

Riad Salameh is widely blamed for a crisis which has seen soaring inflation and the currency lose 98% of its value.

Once respected for helping the economy recover after Lebanon's civil war, he is now being investigated for embezzlement in several countries.

His deputy, Wassim Mansour, will take over as interim head of the bank.

Lebanon's caretaker government has failed to appoint a permanent successor.

Mr Salameh was appointed governor of Lebanon's central bank in 1993, and was initially credited with bringing stability to the economy.

But in recent years he has - along with Lebanon's political class - been accused of large-scale financial mismanagement.

His policy of borrowing new money to pay existing creditors has been compared to a Ponzi scheme - an accusation he denies.

The current financial crisis began in 2019 when the value of the Lebanese pound plummeted and inflation soared.

Since then, the country has been in the midst of one of the world's most prolonged and acute economic crises, with more than