An audit of Lebanon's central bank urged action to mitigate further risks from 'misconduct' at the institution and says its former governor had 'unconstrained' discretion as he pursued costly financial engineering policies.
A view shows the exterior of Lebanon's Central Bank building in Beirut, Lebanon March 21, 2022. REUTERS/Mohamed Azakir/File PhotoSays c.bank 'disguised' losses from financial engineeringEx-governor faces U.S. sanctions, arrest warrants in Europe
Salameh, who stepped down last month, defended the policies in written comments to Reuters. The central bank's media office told Reuters that "the concerned parties are not at the bank anymore." Fares Gemayel, media adviser to caretaker prime minister Najib Mikati, declined to comment, saying the report was meant to be "confidential."
The bank's financial engineering siphoned off dollars from local banks at high interest rates from 2015 to help finance the heavily indebted state. The audit said BDL disguised losses equal to $76 billion from the engineering. Salameh said there was "no hiding" of losses. It was published and in accordance with the accounting procedure approved by the central council and communicated to the government, he said.
- who is currently acting as interim governor - tended "to challenge more the governor in his thinking".The legal investigations into Salameh focus on commissions which the central bank charged commercial banks on the purchase of government securities, the proceeds from which went to Forry Associates, a company controlled by Salameh's brother Raja Salameh. The Salameh brothers deny diverting or laundering public funds.
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