BDL Governor's term ends, leaving its deputies with tough choices

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2023-07-20 | 09:39
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BDL Governor's term ends, leaving its deputies with tough choices
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BDL Governor's term ends, leaving its deputies with tough choices

Following the expiration of Riad Salameh's term as the Governor of Banque du Liban (BDL) on July 31, his Deputy, Wassim Mansouri, and other deputies are faced with complicated options.

They must either continue the current monetary policies or attempt to implement a new approach, which could carry risks and criticism. Alternatively, they could resign, face the cabinet's rejection, face the realities, and all the negatives may be attached to their performance.

To avoid such a scenario, the deputies have presented a comprehensive preparatory financial and monetary plan to the Parliamentary Committee on Administration and Justice.

They considered this plan the only way to achieve positive monetary and financial results and prevent further collapse, provided the Parliament and the government approve the proposed reform provisions.

The plan of the Governor's deputies comprises three main pillars:

1. Budget Revision

2. Enactment of capital controls laws, bank restructuring, addressing the financial gap, and deposit protection

3. Collaboration between the BDL, Parliament, and the Government to address the Sayrafa exchange platform issue, with discussions of a potential new platform.

The plan is expected to be implemented between the next August and November. It also calls for Parliament's approval for the government to borrow $200 million per month from the Central Bank of Lebanon for six months, totaling $1.2 billion, mainly to finance state expenses, including salaries and wages.

However, the situation in Lebanon today is far from favorable, and the lack of reforms since the beginning of the collapse has exacerbated the crisis and its complexities. The continued delay in electing a President has added to the severity of the situation, and there seems to be no end in sight for the impasse that Lebanon finds itself in.
 

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