Lebanon deputy PM calls for Central Bank governor's resignation

On December 20th, 2021, Lebanon's Central Bank Governor Riad Salameh speaks to AFP at his office in Beirut. On Thursday, Lebanese deputy Prime Minister Saade Chami called for the resignation of Central Bank Governor Riad Salameh, who is facing allegations of money laundering and corruption.

Chami said the central bank is one of the state's most important institutions and is not acceptable for its governor to be accused of money laundering.

Chami said Lebanon needs a credible and transparent ruler for the central bank, noting that the central bank has no right to intervene in financing the country's public sector.

Some ministers, however, were not opposed to Salameh's step-down, fearing the consequences it could have on Lebanon and its financial relations abroad.

In Lebanon's unprecedented financial crisis, Salameh is among the top leaders blamed for the unprecedented crisis. With his brother Raja, who is serving in Lebanon and abroad, he is being investigated for the embezzlement of more than $330 million from the Lebanese central bank.

He has repeatedly denied the accusations, saying his wealth comes from his previous job as an investment banker at Merrill Lynch, inherited properties, and investments.

On May 19 Lebanon received an International Criminal Police Organization Interpol notice for Salameh on corruption charges following an arrest warrant released by a French judge as part of a investigation into his public funds embezzlement.

The Lebanese pound has been experiencing a unprecedented financial crisis due to a lack of foreign reserves, causing the Lebanese pound to lose as much as 98 percent in value since late 2019.