Before the Lebanese people could overcome the shock of the Lebanese pound dropping to 3,600 LBP per 1 USD this past week, the number soared and surpassed 4,000 within a few days.
With that, the idea of removing the Governor of the Central Bank, Riad Salameh, from his position became one of the hottest topics in Lebanon, and it seems more possible today than before… or isn’t it?
The idea of removing Salameh from his position is not new to the Lebanese scene; it’s been a prominent demand for people ever since they began to feel the effects of the dollar crisis back in 2019.
But what has changed recently is that politicians and officials are joining the opposition against Salameh.
The most notable of the latter is Prime Minister Hassan Diab, who pulled no punches in his latest speech, in which he accused Riad Salameh of hiding the truth from the public.
With this fresh rivalry came serious considerations by the cabinet to relieve Salameh from his duties. However, there’s a major obstacle that makes this very difficult.
According to Article 19 of the Code of Money and Credit, the Governor of Banque du Liban can only be dismissed from his job for one or more of the following reasons:
A validated and duly-established health disability.
Breaching the duties of his job. This can be decided in reference to the First Chapter of the Third Section of the Penal Code.
Violating the provisions of Section 20. (The governor must not be involved in any business other than his occupation at the Central Bank).