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☆ Lebanon's central bank chief steps down — and many blame him for the country's economic collapse
▼ + stars: | 2023-07-31 | by ( Emma Graham | ) www.cnbc.com time to read: +1 min

Riad Salameh's tenure as governor of Lebanon's central bank on Monday came to an end after 30 years, with many sharply critical of the legacy he now leaves behind. Lebanon has failed to find an official successor to Salameh, who has been governor of central bank since 1993 and has worked under 12 prime ministers and recurring political instability. Wassim Mansouri, the deputy governor of the central bank, told reporters that he will take the role on an interim basis. Lebanon's Rafik Hariri first became prime minister in 1992 and tapped Salameh to rebuild the country's post-war economy and banking sector. In 2022, the World Bank blamed the country's political elite for a "Ponzi Finance" scheme, saying the depression was "deliberate in the making over the past 30 years."

Persons: Riad, Nasser Saidi, CNBC's Dan Murphy, Salameh, Mansouri, Lebanon's Rafik Hariri Organizations: Liban, CNBC, World Bank Locations: Lebanon's, Banque, Lebanon

CENTRAL BANK 'SHATTERED'It has marked a dramatic reversal for a man once seen as a possible president. After taking the helm of the central bank, Salameh built a reputation as a competent steward of the financial system. The central bank, known as Banque du Liban (BDL), has always said the operations were legal. Defending his record on Wednesday, Salameh said the central bank had contributed to "establishing economic stability and development" during 27 years of his tenure. "Neither directly nor indirectly did any money from the Central Bank go to Forry," Salameh said in Wednesday's interview.

Persons: Riad Salameh, Salameh, LBCI, Nasser Saidi, Raja, Salameh's, Marianne Howayek, Howayek, Friederike Heine, Tom Perry, Toby Chopra Organizations: Reuters, Banque du Liban, Forry Associates, Central Bank, Thomson Locations: BEIRUT, Lebanese, Lebanon, Banque, Salameh, France, Germany

☆ French prosecutors name Ukrainian suspect in Lebanese central bank probe
▼ + stars: | 2022-12-05 | by ( David Gauthier-Villars | ) www.reuters.com time to read: +3 min

Dec 5 (Reuters) - French prosecutors said on Monday they have put a Ukrainian woman linked to the governor of Lebanon's central bank under formal investigation as part of a cross-border probe into alleged fraud to the detriment of the Lebanese state. A lawyer for Kosakova said he and his client would "react very soon" to the French prosecutors' decisions. Salameh, who has not been named as a suspect by French prosecutors but who had some of his real estate assets in France seized as part of the investigation, did not respond to a message seeking comment. A French lawyer for Salameh, Pierre-Olivier Sur, said the June decision on Kosakova "doesn't change anything". In the interview with Reuters, Riad Salameh has said he bought real estate assets with his own money, earned when he worked as an investment banker.

☆ In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether, as $1 is now worth 15 cents
▼ + stars: | 2022-11-05 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +32 min

Others arrange clandestine meetings via Telegram to swap the stablecoin tether for U.S. dollars in order to buy groceries. In Jan., police raided a small crypto mining farm in the hydro-powered town of Jezzine, seizing and dismantling mining rigs in the process. But mining crypto tokens to earn a living is not for everybody. Younes tells CNBC that he initially moved 15% of his money into bitcoin, and he kept the remaining balance in cash. Lebanon has six bitcoin ATMs — one in Aamchit and five in Beirut, according to metrics offered by coinatmradar.com.

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