Beirut, Lebanon – Riad Salameh’s term as governor of Lebanon’s central bank is coming to an end after 30 years amid charges at home and abroad of money laundering, fraud and embezzling public funds.
As the 73-year-old’s term ends on Monday, Lebanon’s financial losses stand in excess of $72bn, more than three times its gross domestic product (GDP) in 2021, according to the World Bank.
Salameh’s leadership of Banque du Liban (BDL) left the country with the dubious distinction of being one of the world’s worst economic crises in modern times.
A tarnished end to a governorship that started in 1993 at the request of then-Prime Minister Rafic Hariri.
The economist was tasked with rebuilding Lebanon’s banking sector after the civil war, financing the reconstruction of destroyed cities, attracting funding and, crucially, luring back the millions of Lebanese who fled the conflict.
To do that, Salameh offered high interest rates, attracting deposits and remittances from the vast Lebanese diaspora and wealthy Arabs – and winning him accolades.
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