Lebanon’s interim central bank governor has called on the country’s ruling class to quickly implement economic and financial reforms that the central bank won’t offer loans to the state and does not plan on printing money to cover the huge budget deficit to avoid worsening inflation.
“Every day we waste without drafting laws, losses increase as well as the possibility of a state collapse,” he said Friday.
“The central bank will for sure not cover the deficit by lending the government neither in U.S. dollars nor in Lebanese pounds,” Mansouri said. “Lebanese pounds will not be printed to cover the deficit because you know what this will lead to.” Mansouri said Lebanon’s economy has become cash-based since the crisis began, warning that this could have repercussions on the country in the future.by a New York-based company revealed yearslong misconduct by the bank’s former governor, Salameh, and $111 million in “illegitimate commissions.”
Mansouri said Friday the central bank will cooperate with Alvarez & Marsal and hand over all documents needed to the international company as well as Lebanon judicial authorities.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cyprus dismantles human smuggling ring bringing Syrian migrants from Syria, Lebanon and TurkeyCyprus says it has dismantled a criminal human smuggling ring responsible for bringing boatloads of Syrian migrants from Syria, Lebanon and Turkey.
Read more »
Cyprus dismantles human smuggling ring bringing Syrian migrants from Syria, Lebanon and TurkeyCyprus says it has dismantled a criminal human smuggling ring responsible for bringing boatloads of Syrian migrants from Syria, Lebanon and Turkey
Read more »
2023 FIBA World Cup: Lebanon’s Wael Arakji Aims For More Than Just Taking PartRanked 43, Lebanon is making a comeback to the tournament for the first time since 2010 thanks to their impressive performances in the Asia Qualifiers.
Read more »
Air traffic controllers at Lebanon's only civilian airport to go on strike over staffing shortagesAir traffic controllers at Lebanon’s only civilian airport say they are badly understaffed and are planning to go on strike next month.
Read more »
Strike planned for air traffic controllers at Lebanon's only civilian airportThe 13 air traffic controllers employed at Rafik Hariri International Airport in Beirut, Lebanon, have announced their intent to go on strike next month.
Read more »