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MP Sami Gemayel introduces proposed law to amend Central Bank Governor's term

22-05-2023 | 09:33

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MP Sami Gemayel introduces proposed law to amend Central Bank Governor's term

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Last week, the leader of the Kataeb Party, MP Sami Gemayel, submitted a proposed law aimed at amending the term of the Governor of the Central Bank of Lebanon.

The proposal seeks to make the term of the Governor and its MPs renewable only once, in accordance with the principle of rotation and to prevent the consolidation of power in the management of the central bank.

The justifications for the proposal are as follows:

- The continuous tenure of the central bank governor for 27 uninterrupted years, due to multiple renewals of his term, has resulted in the adoption of catastrophic policies that led to the collapse of the country.

- The application of the principle of rotation is essential to establish a balance with the independence of the central bank's work and the immunity granted to the governor, as well as to prevent the consolidation of power in his management.

- This will also allow for the evaluation and correction of erroneous monetary and financial policies when necessary.

Therefore, this proposed law is to amend the term of the Governor of the Central Bank of Lebanon.

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Sami Gemayel

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