Riad Salameh's attempts to buy time and attract financial transfers from abroad through financial engineering collided with several events.
One of the most significant events was the political crisis in November 2017 following Prime Minister Saad Hariri's resignation announcement from Riyadh.
As a result of this event, withdrawals from the banks amounted to around $2.6 billion, according to banking experts.
2018 the economic situation was highly negative, with almost zero percent recorded growth.
The public debt reached $85 billion, and the overall financial situation deteriorated significantly, especially after approving the salary scale in late 2017 and underestimating its cost.
The balance of payments recorded a deficit of $4.3 billion.
Lebanon tried to seek international assistance through the CEDRE or Paris IV conference. Still, it proved to be unsuccessful because, this time, the focus was on reforms before aid... but what reforms?
The ruling authority's lack of transparency and corruption has become evident to everyone. Adding to that, the political instability, along with the US sanctions on the Jammal Trust Bank and the international credit rating downgrade for Lebanon.
The signals of the crisis are clear; the Lebanese pound has been deteriorating against the dollar in the market despite all the attempts by the Central Bank to prevent it. Deposits are being dangerously withdrawn from the banking sector. Approximately 16 billion dollars were withdrawn from the banks in 2019.
In September 2019, officials and party representatives met in Baabda to agree on implementing reforms. Still, instead of reforms, the government introduced a WhatsApp tax.
The revolution ignited, and Lebanon plunged into one of the worst crises in the history of nations, according to the World Bank. It is the worst stage in the journey of Riad Salameh.
The officials have done nothing to save the country for over three and a half years: no capital controls, no banking restructuring, no recovery plan, and no IMF bailout.
The reserves of the Central Bank, which belong to depositors, were used for support, most of which went into smuggling and favoritism. At the same time, the dollar withdrawals continued through the Sayrafa platform to buy time.
The era of the 1500 Lira has fallen, and with it, the stardom of Riad Salameh, whose relations have deteriorated both internally and externally.
Riad Salameh left his position after 30 years, but the system remains intact.