Deputy Prime Minister Saade Chami commented on the statement of the four deputies of the Governor of the Central Bank of Lebanon, which was released yesterday. He stated: “While I agree with the statement of the four deputies of the Governor of the Central Bank of Lebanon regarding the need and necessity to appoint a new Governor for the Central Bank, which I have been calling for the last several weeks, the statement raised two thought-provoking points:
Firstly, the threat of resignation implied in the statement is extremely concerning at this critical juncture and difficult time that the country is going through. The statement refers to Article 18 of the “Monetary and Credit Law,” which outlines the procedure for appointing a new Governor in the event of a vacancy in this position. However, at the same time, it overlooks Article 25, which clearly states that the first Deputy Governor assumes the Governor’s responsibility in the event of a vacancy. We cannot selectively pick and choose provisions from the law as we please.
Secondly, asserting that there is no government rescue plan is shocking, considering the existence of such a plan and the fact that the Central Bank of Lebanon, as an institution, was part of the team involved in its preparation, discussion, and agreement with the International Monetary Fund. Yes, we need a new governor for the Central Bank of Lebanon, but the Deputies of the Governor must assume their responsibility in case this appointment is impossible.”
