Deputy Prime Minister Al Shami urges responsible action amidst Central Bank governor appointment debate

In a press release on Friday, Deputy Prime Minister Saadeh Al Shami stated: "While I agree with the statement issued by the four deputy governors of the Central Bank of Lebanon regarding the need and necessity to appoint a new governor, which is something I have been demanding for several weeks," he raised two questions.

Firstly, regarding the threat of resignation implied in the statement, which according to him, is highly alarming at this critical time the country is going through.  

The statement refers to Article 18 of the Monetary and Credit Law, which outlines the procedure for appointing a new governor in case of vacancy.  

However, it conveniently overlooks Article 25, which clearly states that the first deputy governor assumes the governor's responsibilities in case of vacancy. "We cannot cherry-pick and selectively interpret the law as we please," Al Shami said. 

Secondly, the assertion that there is no government rescue plan is shocking, affirmed Al Shami, considering the existence of such a plan and the fact that the Central Bank of Lebanon, as an institution, was part of the team involved in its preparation, discussion, and agreement with the International Monetary Fund (IMF).  

"Yes, we need a new governor for the Central Bank of Lebanon, but it is the responsibility of the deputy governors to fulfill their duties in case this appointment cannot be made," expressed the deputy prime minister.