How Lebanon was plundered by its own central bank

Before the start of the economic crisis in Lebanon in 2019, the governor of the country’s central bank, Riad Salameh, had a strong reputation as one of the world’s best.

But by the end of his mandate at the Banque de Liban (BDL) on July 31, he was being described as one of the worst central bank chiefs in the world. He is now the subject of financial crime investigations in six European countries and  Lebanon and is a wanted man by Interpol.  The United States, the UK and Canada have imposed sanctions on him.

Salameh’s monetary policies, along with government corruption and mismanagement, are said to have led to a crisis marked by falling growth, currency devaluation, banking sector collapse, and widespread poverty.