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The governor of the Banque du Liban, Riad Salameh, did not address the public in his statement, which was expected by public opinion, as much as he addressed Prime Minister Hassan Diab. “Diab evaporated,” said Diab Kahn, referring to the deposits. Salameh confirmed that the deposits existed and Diab said that he had not received from Salameh requested information about the operations and accounts of the Bank of Lebanon. Salama said he gave it to him on March 9. Diab made serious accusations against Salama. The latter said he was a target and accused his opponents of deception and other adjectives. Depositors, the public and public opinion don’t care. The “existing deposits” Salameh spoke of did not say how their owners obtained them in their currency in the first place, and interest at maturity. The deduction that Haircut denied security is continuous and in several ways. The same is the exchange rate. He dodged security and spread anxiety as to confirm the above and said, “I don’t know the dollar ceiling.” And the public is only concerned with deposits and the exchange rate!
Salama focused primarily on the Bank of Lebanon accounts, monetary policy, central bank independence, and state financing.
The accounts are the responsibility of the delegated auditors. We will not delve into what we do not understand. Indoctrination is different from us. Especially since the narrow circle of specialists has interests and purposes that are not necessarily fair and transparent (our colleagues are not well informed!).
Criminal audit
What can be said in this field before the results of the three international companies commissioned by the government audited the accounts of the Bank of Lebanon KPMG, Kroll and Oliver Wyman, that the second is specialized in criminal auditing. In a clear indication of the government’s doubts about the Banque du Liban accounts and its intention to break the suspicion with certainty. One of the experts informed us that the competence of the mentioned company is the analytical audit of evidence gathering and analysis for the establishment and to document evidence of forensic audit and it is used in the detection of operations related to money laundering. As for access to information and equivalent balances between the banks’ consolidated budgets and the budget, transfers and treasury financing of the Banque du Liban, they can be detected by financial audit from one of the global offices located in Lebanon , rich in human elements. Requirement to ensure legal coverage and adopt transparency in the appointment. The expert considered that “any audit office will not succeed in its mission without legislating the mission.” Salama has given many of his mathematical data. But he omitted the $ 42.8 billion financial gap. He cited data related to $ 5 billion Eurobonds in the country, with 16 billion in the “income statement” and another 25 billion of a 5-year budget deficit. Checks to clarify what is correct. We doubt Salama’s calculation because it has been the quintessential enemy of disclosure for more than a quarter century. This, we believe, was one of the causes of the financial collapse.
It is strange that Salameh talks about monetary and credit law to cover state financing. Or about the budget laws that oblige this task. Articles 90 and 91 of the Cash and Credit Law are unambiguous. Article 90: With the exception of the facilities of the fund stipulated (in it) in Articles 88 and 89, the principle is that the Central Bank does not grant loans to the public sector.
Article 91 was stricter and more decisive on state credit. Its text: Except that in exceptional cases of extreme risk, or in cases of extreme need if the government considers it necessary to borrow from the central bank, the bank’s governor takes note of this. The Central Bank is studying with the government the possibility of replacing its assistance with other means, such as the issuance of an internal loan or an external loan contract, or savings on some other expenses, or the search for new fiscal resources, etc. and only in the case that it is proven that there is no other solution, and if However, if the government insists on its request, the central bank can grant the loan. The central bank then proposes to the government, if necessary, measures that would limit the bad economic consequences of its loan. Especially limiting its effect on the situation in which it occurred on the purchase and strength of the foreign currency.
It is not necessary to interpret this text, since it allows the state to grant you loans, except in cases of natural disasters caused by wars, earthquakes and epidemics. When was Lebanon a witness to this for 25 years and did the security era increase as Governor of the Bank of Lebanon? The Zionist aggression in July 2006 was followed by the highest growth rates for four consecutive years until 2010, at an average of 8 percent. In 2009, external cash flows saw an unprecedented increase in which the balance of payments flowed around $ 8 billion. Bank deposits grew nearly 20 billion in one year. Where did the surplus go? Any real investment, value added, and job opportunities as a result? Yes, important political and security gaps occurred after and before 2010. But in no case was the provision of Article 91 reached for the Bank of Lebanon to continue financing the state. We will say more and from the site of suspicion and accusation. Why the insistence on increasing debt when the State Account at Bank of Lebanon No. 36 was a trillion surplus? The answer is easy to count. To benefit the banks and monetary centers of the interests and to register tournaments to fix the exchange rate of the lira.
He fell in his court!
The most dangerous thing that Salama said and repeated is: “The Bank of Lebanon financed the state and did not spend the money.” This is the professional’s downfall in his court. I’m trying to make sure that expenses aren’t your job. The excuse is uglier than sin. In short, Salama, despite knowing that money in debt is spent out of place. It is given to a corrupt customer who cannot return it, affects the exchange rate and the structure of commercial interest, and represents a threat to purchasing power and inflation, which it continues to lend to the state. “There are constitutional and administrative institutions that are tasked with revealing how to spend,” Salameh said. The Bank of Lebanon was the source of the suspected liquidity. Lost by governments and stolen by a corrupt political system.
Independence of the Bank of Lebanon. “The Bank of Lebanon cannot coordinate with the circulars it issues with the government. This violates its independence,” Salameh said. Let’s read Article 13 of the Monetary and Credit Law: the bank is a legal entity and enjoys financial independence. He is considered a merchant in his relationships with others. It carries out its operations and organizes its accounts in accordance with commercial and banking regulations and commercial and banking regulations. “Once again, you commit to the integrity of” Fowla “in the penalty area. My brother, independence is financial as in law. Dealing with others, why all these losses and in whose interest? And Who assigned you the already important mission?
The whole problem with Salama as governor of the Bank of Lebanon is the lack of coordination in macroeconomic policies. It is a problem for governments and parliament in the first place. It is certain that the security of the Lebanese mission will be redeemed in accordance with Article 70 of the Monetary and Credit Law. In short, cash security, economic stability, the integrity of the banking situation, etc. But the introduction to this paragraph is the most important and here it is. “The mission of the Banque du Liban is to maintain cash to secure the foundation for lasting economic and social growth.” Let us tell us how to achieve growth without coordinated government policies and plans enacted by parliament. We asked the Governor: Banque du Liban support loans amounted to approximately $ 9 billion dollars for important and vital sectors that you decided on. The Central Council has confirmed the authenticity of his signature. This amount is grouped from the context of coordination with the government. He could have established a development plan, not just growth. Who got these loans? Why are the names of the beneficiaries not published?
The praise and kill teams were ready before and after the statement of the Riad Salameh. In the media, ignorance is mixed with bribes. In politics, the sect is ready to protect sectors not from a sect but from the homeland and the citizen. It is cash, deposits, banks and the rights of all people. But it is also Riad Salameh, “the ruler of Antioch and the rest of the East” … the field is narrow. We have a return in politics and political economy.
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