Salameh: BDL cannot take initiative to issue new Lebanese pound notes with fewer zeros

Lebanon Economy
2021-11-27 | 14:34
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Salameh: BDL cannot take initiative to issue new Lebanese pound notes with fewer zeros
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Salameh: BDL cannot take initiative to issue new Lebanese pound notes with fewer zeros
Governor of the Banque du Liban Riyad Salameh stressed on Saturday that the BDL wants the Marsal & Alvarez (M&A) company to start its audit operations as soon as possible, adding that the Central Bank has sent until now nine million traceable lines. 
 
He further claimed that personal attacks against him began in April 2020 because he was opposed to the default caused by Hassan Diab's cabinet.
 
In an exclusive interview with Ici Beyrouth, Goveror Salameh stressed that the BDL cannot take the initiative to issue new Lebanese pound notes with fewer zeros, adding that such a step requires the approval of the government and the passing of laws.
 
Answering a question, Salameh defended BDL’s policies claiming that they have always had the goal of protecting depositors while preventing any Lebanese bank from going bankrupt. "A bank's bankruptcy entails the loss of customer deposits," he emphasized.
 
The head of the BDL also believes that the country might begin to emerge from its current crisis if the Lebanese government and the International Monetary Fund reach an agreement, a credible finance law is developed, and Lebanese banks are restructured using new funds.
 
"Under these circumstances, the value of the Lebanese pound will revert to a rational equilibrium and will be greater than it is now," he said.
 

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