Trust in the Central Bank: Mansouri invites citizens to believe in the institution

The Lebanese Economic, Social and Environmental Council, upon the invitation of its President, Charles Arbid, held a collaborative working meeting with the Acting Banque du Liban (BDL) Governor, Wassim Mansouri.

The meeting focused on the financial and monetary policies adopted by the Central Bank and included a dialogue on the financial situation and how to overcome the crisis.

In the meeting, Mansouri emphasized that communication with the council is essential, as it plays a crucial role in addressing the economic crisis by proposing appropriate measures and refining some legislative projects. The common goal is the people's best interests.

He stated, "The main reason for not holding a press conference this month is that I have nothing more to add regarding reforms, and the situation is shifting from legitimate demands to populist matters, which I and the Central Bank reject."

Mansouri discussed several key points from the recent period and said, "The Lebanese state will continue to pay public sector salaries in US dollars. As the Central Bank of Lebanon, we agree to this mechanism from a purely monetary perspective. This ensures livelihood and social stability for around 400,000 families and maintains monetary stability."

He further emphasized that these payments are entirely made by the Lebanese state and from its revenues, saying that the Central Bank has not released a single dollar to finance the Lebanese state since August 1, 2023, and there will be no financing at all.

Mansouri continued, "We are freezing the financial and monetary situation to some extent while waiting for solutions. This situation cannot be sustained, and there must be solutions to the current economic crisis. The citizens cannot continue this way."

Mansouri continued, "I emphasize that it is unacceptable for the Acting Governor of the Central Bank of Lebanon not to have a response to a depositor's query about when they will receive their deposit. When in a position of responsibility, it is imperative to clearly answer the Lebanese depositor regarding their deposit."

He added: "If we all work together, we will find solutions, and responsibility is a shared endeavor. I am the first in line, followed by the government, parliament, and the political class. We are all responsible, and it is impermissible for depositors not to receive their deposits in dollars."

He said that if the funds are available, let us inform the people, and if there is an issue, let us inform them, and if the funds will be returned, let us establish the mechanism for this. 

"I hope that we can initiate a collaborative workshop involving the government, parliament, the Central Bank of Lebanon, and the Economic Council, with the authority granted to it, to provide answers as swiftly as possible. There is a responsibility for this delay, and we all bear it," he affirmed.

He said, "The Central Bank of Lebanon is a strong institution with potential. There is diligent work within the Central Bank to improve all governance mechanisms. Internal financial mechanisms within the Central Bank are being reviewed, and the relationship with the Lebanese state is being reevaluated."

"I can tell you that the Central Bank of Lebanon deserves the trust of the Lebanese citizens, and just as we need the citizens' trust, the citizens also need to trust the institution. I invite you to trust this institution."

He stated that the salaries are guaranteed by the state of Lebanon, not the Central Bank. "I did not say that they are guaranteed until the end of the month; it was the Minister of Finance who said that. These are the prerogatives of the Minister of Finance, and he is appreciated for reassuring people that these matters are guaranteed until the end of the year."