Lebanon’s interim central bank governor has called on the country’s ruling class to quickly implement economic and financial reforms that the central bank won’t offer loans to the state and does not plan on printing money to cover the huge budget deficit to avoid worsening inflation.
“Every day we waste without drafting laws, losses increase as well as the possibility of a state collapse,” he said Friday.
“The central bank will for sure not cover the deficit by lending the government neither in U.S. dollars nor in Lebanese pounds,” Mansouri said. “Lebanese pounds will not be printed to cover the deficit because you know what this will lead to.” Mansouri said Lebanon’s economy has become cash-based since the crisis began, warning that this could have repercussions on the country in the future.by a New York-based company revealed yearslong misconduct by the bank’s former governor, Salameh, and $111 million in “illegitimate commissions.”
Mansouri said Friday the central bank will cooperate with Alvarez & Marsal and hand over all documents needed to the international company as well as Lebanon judicial authorities.
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