Regarding the reactions to the stance of the Deputy Governors of the Central Bank of Lebanon, Riad Salameh and Wassim Mansouri, that he will not assume the duties of the Governor after July 31st and that the tendency is toward resignation if a new Governor is not appointed, sources in the Central Bank of Lebanon wondered whether the rejection of Mansouri's resignation by the Christian political forces constitutes the required Christian cover for Mansouri.
The sources stated that those who accuse the Deputy Governors of evading responsibility did not pay attention to their demands for the political forces to fulfill their duties in ensuring political stability, which forms the basis for monetary stability.
This can be achieved by removing the appointment of a Central Bank Governor from these political disputes and finalizing the approval of reform laws on which any new Governor would work or Mansouri himself in establishing the required stability.
The sources at the Central Bank questioned what measures would be taken by the authorities if Mansouri assumed the duties of the Governor.
Do they want them to continue with the banking platform or unify and liberate the exchange rate according to the demands of the International Monetary Fund? Do they want them to continue with the policy of financing the state at the expense of what remains of the foreign currency reserves, or do they want to preserve the remaining deposits?
The sources clarified that if politicians want to tap into the reserves of the Central Bank of Lebanon, they should declare it clearly and document it with decisions and laws so that everyone bears the responsibility.
According to documented letters since August 2020, the Deputy Governors have rejected such actions to avoid being accused one day of acting with their sole discretion and thereby compromising the depositors' funds.
The sources concluded that the management of monetary policy could not be detached from an agreed-upon economic and financial plan endorsed by the political forces and based on principles, which currently needs to be made available.