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Lebanese central bank chief furious at Bloomberg over US sanctions rumour

Lebanese Central Bank Governor Riad Salameh announced on Friday that he will be taking legal action against Bloomberg after it published an article claiming that the US is considering sanctioning him, a move the US State Department denies.

“We have seen reports about possible sanctions of Riad Salameh. They are untrue,” a State Department spokesperson told Arab News.

Last week, Bloomberg published news that the Biden administration was considering sanctions against the central bank governor, a claim both Salemeh and the US State department deny.

An investigation into possible money laundering and embezzlement has been opened by Swiss authorities.

Salemeh, his brother and assistant were also being probed over multimillion-dollar transfers out of the country at a time when Lebanese citizens were allowed minimum withdrawal amounts from their bank accounts.

The country’s currency hit 10,000 Lebanese pounds to one US dollar on Wednesday, an unprecedented mark that sparked a resurgence of protests that have been hampered by the coronavirus pandemic.

Lebanon witnessed nationwide protests in October 2018 calling for the end of widespread corruption and worsening economic conditions that have since seen more than half the population living below the poverty line.

The country’s current economic and financial crisis has been largely blamed on Salemeh due to his long tenure, having headed the central bank for 28 years after assuming control in 1993.

Source: Arab News

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One comment

  1. Angel NicGillicuddy

    Use Church Money with demurrage,
    problem solved.
    See the article,
    A Money Proposal being Presented
    to The Grand Imam and The Pope
    and
    USURY (part two)
    Angel NicGillicuddy

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