Riad Salameh Re-appointed as Central Bank Governor for 6 More Years

That’s in all probability the most effective resolution our legislators have taken ever since we had a brand new president and authorities. I discover it laborious to imagine that some had been in opposition to renewing for Salameh in any case that he’s carried out previously few years. He managed to stabilize the nation’s foreign money regardless of the political paralysis that the nation witnessed for years and has stored Lebanese banks protected from US sanctions and a possible banking disaster.

I’m not saying his insurance policies are good and that he shouldn’t be criticized however I don’t suppose any of the ruling events has the fitting to take action, particularly when it’s for egocentric political positive factors. For individuals who declare that Lebanon is getting ready to an financial disaster due to his insurance policies, remember the fact that we haven’t had a president for nearly three years, nor a authorities in some unspecified time in the future for fairly a while and no nationwide price range since 2005.

Right here’s a small excerpt on the governor’s position taken from a latest article on Lebanon’s financial system:

The governor of BdL stands centre-stage in Lebanon’s financial theatre. In principle, the central financial institution’s mandate is restricted to 3 issues: stabilizing the nation’s foreign money, containing inflation and regulating the banking sector. Salamé has been profitable on all three accounts, regardless of the political paralysis that might have affected his regulatory position. In November 2015, an in any other case defunct parliament convened to vote on two legal guidelines in opposition to financing terrorism, thus enabling Lebanese banks to fulfill worldwide requirements, preserve their entry to the greenback, and usually reassure the markets. Observers credited Salamé for this extraordinary—certainly, unconstitutional—session.

The halo surrounding Salamé extends past his huge sensible affect and into the realm of the mythological. The financial elite of Lebanon are quasi-unanimous of their acclaim of a governor who has additionally acquired quite a few distinctions overseas, to incorporate the French “Legion d’Honneur,” the “Euromoney Award of the Finest Central Banker,” and—most whimsically—the “Arab Creativity Award in Economics.” In recent times, a string of documentaries, interviews and panegyrics have weaved a character cult, exemplified by this excerpt from MEA’s inflight journal: “He’s the distinctive man for an distinctive submit in an distinctive period, and the pioneering profitable initiatives he designed for the Lebanese Central Financial institution have rendered it a mannequin for the world to observe. That is Riad Salamé, the most effective Central Financial institution Governor on the planet.”

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