Lebanon’s financial meltdown jeopardises stability Published: June 03, 2021 18:52 Reuters Lebanon s President Michel Aoun meets Central Bank Governor Riad Salameh at the presidential palace in Baabda on Thursday. Image Credit: REUTERS
Beirut: The governor of Lebanon’s central bank reassured depositors on Thursday that it was not bankrupt and that people’s deposits were safe and would be returned soon, after reversing a decision to stop withdrawals that triggered street protests.
Angry Lebanese took to the streets late on Wednesday over a central bank announcement that withdrawals from dollar deposits at a fixed rate much lower than on the informal market though higher than the official peg would be halted.
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Even after she was taken off an investigation into alleged financial crimes by a money transfer company, the defiant Lebanese prosecutor charged ahead. She showed up at the company’s offices outside of Beirut with a group of supporters and a metal worker, who broke open the locked gate.
Ghada Aoun obtained data from Mecattaf Holding Company that she contends will reveal the identities of people who sneaked billions of dollars out of Lebanon amid the financial meltdown that has hit the country.
The move was part of a public feud between Aoun and Lebanon’s state prosecutor Ghassan Oueidat, who had dismissed her from the case, saying she’d overstepped with two earlier raids. Their feud has turned into scuffles between their supporters in the street.
As Lebanese cry for justice, politics paralyzes the system
BASSEM MROUE, Associated Press
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1of12FILE - In this April 19, 2021 file photo, opponents of Judge Ghada Aoun scuffle with army soldiers during a sit-in outside the Justice Palace in Beirut, Lebanon. A public feud in recent weeks among prosecutors has starkly demonstrated how Lebanon s system of sectarian factions is paralyzing Lebanon s judicial system and snarling attempts to root out corruption. Aoun, a prominent prosecutor says she is trying to go after rampant corruption but her critics say she is only targeting enemies of her ally, the president.Bilal Hussein/APShow MoreShow Less
An anti-corruption group has submitted a legal complaint in France against Lebanon s central bank governor over foreign investments including property he owns worth millions of euros, Reuters report.
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