With a coronavirus pandemic Big explosion at Beirut port Last August further devastated the economy.
It is estimated that central bank losses will be between $ 50 billion and $ 60 billion. The International Monetary Fund provided aid, but Lebanese officials have investigated another investigation into Mr. Salame’s blocking of audits sought by the United States and other countries to unlock IMF aid, and alleged fraud at central banks. I blamed you.
Most Lebanese said goodbye to what they saved when the currency plunged, reducing their monthly salary of $ 1,000 to about $ 80. The central bank has run out of its reserves and spends about $ 500 million a month to subsidize the import of fuels, medicines and grains.
Lebanese economist and former IMF adviser Toufic Gaspard said: “Lebanon lived on borrowed time, but now chickens are back in the roost. The entire banking system has collapsed and we have become a cash economy.”
The crash afflicted many Lebanese with the once-famous central banker.
“I can’t say anything good about Riad Salameh,” said Toufic Khoueiri, co-owner of a popular kebab restaurant, while having lunch with a friend in Beirut. “Our money isn’t locked in a bank, it’s just stolen.”
His friend, lawyer Roger Tanios, said he had praised Salame for stabilizing Lebanon’s finances, but changed his mind.
Mr Salame was brilliantly off course, he said.
“Every country has a mafia,” Tanios said. “In Lebanon, the Mafia has a country.”
Ben Hubbard reported from Beirut and Liz Alderman from Paris. Weida Third Contributed to the report from Beirut, Asmaa al-Omar From Istanbul.
Riad Salameh faces doubts when Lebanon collapses
Source link Riad Salameh faces doubts when Lebanon collapses