Ahead of the end of the term of Banque du Liban Governor Riad Salameh on July 31, the four deputy governors issued a warning statement emphasizing the necessity of appointing a new governor as soon as possible, in accordance with Article 18 of the Monetary and Credit Law, stating, "Otherwise, we will be forced to take the measures we deem appropriate for the public interest."
In their statement, the four deputies remarked: Given the political disparities that have manifested in the inability to elect a President for the Republic and to fill vacancies in the management and institutions of the Lebanese state, and their impact on the functioning of the legislative and executive authorities, in light of the lack of consensus among political forces in addressing the economic and financial crisis, and as central banks formulate their monetary policies in alignment with the overarching state policy—which is regrettably inconsistent in the current situation of the Lebanese state—alongside the absence of a comprehensive and clear plan to restore financial and banking balance and achieve equilibrium in the state budget, thus enabling the central bank to lay the monetary and financial foundations for restoring confidence, the concept of merely managing ongoing affairs should not extend to the supreme monetary authority of the state.
