April 25, 2020 Meet the Middle East

As currency crisis deepens, Lebanon PM Diab rebukes central bank governor

Lebanese Prime Minister Hassan Diab rebuked central bank governor Riad Salameh on Friday, questioning his performance after a steep fall in the pound currency and calling on him to clearly explain to Lebanese where the policy was headed.Diab said the crisis-hit country had suffered $7 billion in additional losses since the start of the year and that liquidity in the banking system was running out, with $5.7 billion in Lebanese deposits exiting in January and February.Diab said it was urgent that an economic reform plan, a draft of which emerged earlier this month, be quickly passed to avert further crisis.Read also:Lebanese PM Hassan Diab: State can no longer protect citizensLebanese customers feel currency squeeze as dollar crisis worsensLandmark Lebanon hotel closes over economic crisis, coronavirus lockdown
Source: Al Arabiya
Full Article: As currency crisis deepens, Lebanon PM Diab rebukes central bank governor