Name? Riad Salameh
Westphalian identity? Lebanese
Age? 70
Why is he in the news? Riad Salameh has been the Governor of Lebanon’s central bank, Banque du Liban, since April 1993 and he has not done the best job… Allegations of favoritism, money laundering, and mismanagement are all too common for Salameh. Just today, the Central Bank announced the lifting of fuel subsidies which are essential for everyday Lebanese’ survival.
Why do we care? After last year’s explosion, the government was dissolved right but is still in charge until a new one is in place. Which can take a while in Lebanon’s political system based on confessionalism. Adding to this Salameh who has managed to become the longest serving Central Bank Director in the world, you have a recipe for a Lebanese nightmare.
Why should you care? Because Lebanon’s situation is becoming worse by the day. Once called the Switzerland of the Middle East it is now the … well … Lebanon of the Middle East. Protests are erupting more and more over the incompetence of the government but there is no end in sight. The hopeless situation in Lebanon should make you care 6/10.
Who else cares? Syria’s President Bashar al-Assad. A lot of Lebanese have used the subsidised oil prices in the past to cross the border into Syria and sell the oil there to make some money. Syrians heavily depend on these “imports” and will not be happy once this source of oil dries out. It is only a matter of time before they will look at their “reelected” President for answers.
Any further comments? So why is Riad Salameh still in power you might ask? Well, again, it is Lebanon’s political system that has allowed him to stay in power for so long. Furthermore, there is simply no alternative. His deputy is considered to be aligned with Hezbollah, a person none of Lebanon’s allies (France and US) would see in office.
