Saudi Press

Saudi Arabia and the world
Wednesday, Jul 09, 2025

Lebanon’s finance minister says difficult to replace cenbank head Riad Salameh

Lebanon’s finance minister says difficult to replace cenbank head Riad Salameh

Lebanese Finance Minister Youssef Khalil said replacing central bank governor Riad Salameh, who has held the job for three decades, would be difficult and that his term may be extended though no consensus has yet been reached.
Salameh, who is being investigated by European and Lebanese prosecutors for alleged embezzlement of hundreds of millions of dollars in public funds, an accusation he denies, said last week he would not seek a new term. His latest six-year stint ends in July.

“There is no consensus yet and in Lebanon, and especially in this political environment, making a big change like this is difficult. It’s very difficult,” Khalil told Reuters when asked whether discussions on a possible successor had begun.

“There may be a plan to extend the terms of all first-level public servants, not just Salameh, but there is not yet consensus on that,” he added on the sidelines of the World Government Summit in Dubai earlier this week.

Khalil also said a financing deal with the International Monetary Fund remained a priority, even if it was unpopular for some. “I’m not saying all Lebanese support this but it’s important for building trust and confidence and putting Lebanon on a recovery path,” he said.

Beirut signed a draft agreement with the IMF in April but has been slow to implement reforms required by the lender to access funding to relieve a three-year economic meltdown that has plunged a vast majority of the population into poverty.

Caretaker Prime Minister Najib Mikati said in November Lebanon could still finalize a deal for a $3 billion bailout despite having no president and no fully empowered parliament.

The government devalued the official exchange rate by 90 percent on Feb. 1 to 15,000 pounds to the US dollar for the first time in nearly three decades.

At the time of the devaluation, the pound’s value on the parallel market was just below 60,000 to the dollar. It has since rapidly declined to an all-time low of 80,000 per dollar, prompting protests, bank burnings and road closures on Thursday.

Khalil said he faced “serious resistance” when he tried to officially devalue the pound months back but the government still planned to unify the exchange rate and move to collect taxes and fees based on a rate closer to the parallel market.

He said parliament still intended to pass a capital controls law after years of delay as a way to protect banks from “very big” lawsuits and to retain foreign currency in the country.

Khalil said there was a “very low level of trust in the banking system”, adding: “So, the question is how do you bring this trust? And there the objective is the IMF.”
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
×