The Banque du Liban headquarters in Beirut. (Credit: João Sousa/L'Orient Today/File photo)
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Riad Salameh defended his 30-year term as Banque Du Liban (BDL) governor in an interview with LBCI, reaffirming that he would leave his post as planned on July 31. Salameh also shirked responsibility for Lebanon’s economic and financial crisis that Lebanon is facing, claiming he has become a “scapegoat for the system.” He said the collapse was the result of several factors, such as the government's default on eurobonds in 2020, the impact of the COVID pandemic, the port blast and the Russian invasion of Ukraine. He also claimed that he is being prosecuted in several European countries due to leaks from foreign judiciaries orchestrated by a group that targeted him for “certain reasons.”
At least three ministers yesterday said they will boycott today’s cabinet meeting discussing the appointment of a new Banque du Liban governor days before the end of Riad Salameh’s last month in office. The caretaker Information, Telecoms and Tourism Ministers will boycott the session on “principle, far from political considerations.” Meanwhile, Free Patriotic Movement-affiliated ministers have repeatedly boycotted cabinet meetings, believing that the caretaker government is overstepping its powers amid the presidential vacuum.
Free Patriotic Movement MP Nada Boustany said that party leader Gebran Bassil is “open” to“consecutive parliamentary sessions to elect a president” after a “rapid negotiations” period scheduled for September, as proposed by French envoy Jean Yves Le Drian yesterday. “The proposed negotiations would start from scratch, with no prior suggestions,” Boustany added. The same day, Le Drian also met with Lebanese Forces leader Samir Geagea, who has repeatedly called for consecutive voting sessions. No candidate has yet secured during a first voting round the simple majority of votes needed to win during subsequent rounds. On Tuesday, the French diplomat met with Parliament Speaker Nabih Berri, who noted progress in overcoming the presidential impasse. Local media on Tuesday reported that Le Drian would leave Beirut today, concluding his second visit since being appointed special envoy.
Firefighters stopped a blaze in Hamoush, on the Batroun coast, that threatened nearby residences, monasteries and orchards, L'Orient Today's correspondent in the north reported. Cooling and monitoring operations were ongoing yesterday afternoon to prevent rekindling. Dense smoke forced the closure of the coastal road at the old Chekka tunnel. The cause of the blaze remains unidentified, though experts have repeatedly warned of an increased fire risk linked to rising temperatures. Since the start of summer, wildfires have charred swathes of forest land and raised concerns over Lebanon's ability to fight the flames. Fire risk is also high in urban areas, including the capital where firefighters are on “maximum alert” as of Tuesday.
By the end of last year, Lebanon had around 25 percent fewer ATMs than it did in 2019, Banque du Liban figures quoted by Byblos Bank showed. By the end of 2022 there were only 1,515 ATMs operational across Lebanon, 209 fewer than in 2021 and 488 less than in 2019. The same figures showed an eight percent decline in the number of payment cards issued in 2022 compared to the year before and a decrease in the “aggregate number of points-of-sales accepting payment cards.” Since October 2019, commercial banks have implemented illegal restrictions on withdrawals and transfers. Attempts by depositors to forcibly withdraw their own funds, which resurged over the past weeks, forced banks to close for several weeks last and increased reliance on ATMs.
In case you missed it, here’s our must-read story from yesterday: “Lebanon runs on informal money exchangers. What’s it like to be one?”
Compiled by Abbas Mahfouz