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Salameh says can't use obligatory reserve to finance trade

25-08-2020 | 07:32

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Salameh says can't use obligatory reserve to finance trade

The Lebanese central bank cannot use its obligatory reserve to finance trade once it reaches its minimum threshold, governor Riad Salameh was quoted as saying on Tuesday, after an official source said the central bank could only sustain subsidies on basic goods for three months.

In an interview with the French edition of the Saudi-owned Arab News, Salameh also said he supported a proposal by French President Emmanuel Macron to send experts from the French central bank, Bank of France, to audit the Lebanese central bank.

The Lebanese central bank's intention is for depositors to recuperate their money, Salameh said, adding that this could take time and he opposed a haircut on depositors.

REUTERS

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