Al-Shami: The Threat of Collective Resignation by Central Bank Deputy Governors is Serious

Deputy Prime Minister Saadeh Al-Shami indicated today, Friday, that "the deputy governors of the Central Bank of Lebanon will have to manage the bank if a successor is not appointed by the end of the month," describing their threat of collective resignation as "a serious matter." Al-Shami stated in a statement: "Deputy governors must assume their responsibilities in the event that this appointment is impossible... the threat of resignation mentioned in the statement is extremely serious at this critical juncture and the difficult time the country is experiencing." He added: "The Lebanese Currency and Credit Law clearly stipulates that the first deputy shall assume the responsibilities of the governor in case this position becomes vacant," noting that "one cannot pick and choose from the Currency and Credit Law." He also pointed out that "claiming there is no government rescue plan is shocking, given that there is such a plan and that the Central Bank, as an institution, was part of the team that participated in its preparation, discussion, and agreement with the International Monetary Fund."