The Latest Breaking News from Riad Salameh

Lebanon to Devalue Currency by 90% On Feb. 1, C.Bank Chief Says

Lebanon will adopt a new official exchange rate of 15,000 pounds per US dollar on Feb. 1, central bank governor Riad Salameh said, marking a 90% devaluation from its current official rate that has remained unchanged for 25 years. The shift from the old rate of 1,507 to 15,000 is…

Asharq Al-Awsat · Jan 31, 2023

Lebanese elite bury blast probe

BEIRUT: In their move to bury an investigation into the Beirut port blast, Lebanon’s ruling elite have driven another nail in the coffin of the collapsing state, stirring conflict in the judiciary as they try to avoid accountability at any cost.

Bangkok Post · Jan 27, 2023

Lebanese Elite Bury Blast Probe, Pushing Fragile State Closer to Edge

In their move to bury an investigation into the Beirut port blast, Lebanon's ruling elite have driven another nail in the coffin of the collapsing state, stirring conflict in the judiciary as they try to avoid accountability at any cost. Long-simmering tensions over the investigation have boiled over since Judge…

Asharq Al-Awsat · Jan 27, 2023

European prosecutors hear Lebanese bankers in central bank commission probe

Lebanese bankers told European prosecutors they believed that commissions now at the centre of a graft probe had been paid to the central bank, four sources said, while investigators suspect the cash illegally ended up with the governor's brother.

Reuters · Jan 20, 2023

Lebanese Pound Sinks to Record Low as Deadlock Persists

The Lebanese pound on Thursday hit a new record low of 50,000 pounds per US dollar, marking a loss in value of more than 95% since the country's financial system imploded in 2019. The pound was pegged to the dollar at a rate of 1,507 in 1993, a peg that…

Asharq Al-Awsat · Jan 19, 2023

Vacuum Threatens Vital State Positions in Lebanon

Institutional collapse in Lebanon is accelerating in a way that has left the country unable to manage the crises it has been facing for the past three years. Vacuum not only ails the Lebanese presidency or government, but it also threatens vital state positions. For example, the mandate of Central…

Asharq Al-Awsat · Jan 19, 2023

Lebanese pound hits all-time low as deadlock persists

The value of the Lebanese pound has hit an all-time low, now trading at 50,000 to the U.S. dollar, as the country’s deeply-divided Parliament failed to elect a president for an 11th time

The Independent UK · Jan 19, 2023

Explainer-The probes into Lebanese central bank chief Salameh

European investigators are in Beirut quizzing witnesses as they probe suspected money laundering and embezzlement by Lebanese central bank governor Riad Salameh, who denies any wrongdoing and still enjoys support from powerful Lebanese factions.

Reuters · Jan 17, 2023

Lebanon Will Name New Prosecutor in Salameh Case Soon, Judge Says

Lebanon will soon appoint a new prosecutor in a stalled corruption probe into the central bank governor, a move that could delay responses to cooperation requests by European investigators conducting their own inquiry, a senior judge said. Ghassan Oueidat, Lebanon's top prosecutor, told Reuters on Tuesday the new prosecutor would…

Asharq Al-Awsat · Jan 17, 2023

Lebanon will name new prosecutor in Salameh case soon, judge says

Lebanon will soon appoint a new prosecutor in a stalled corruption probe into the central bank governor, a move that could delay responses to cooperation requests by European investigators conducting their own inquiry, a senior judge said.

Reuters · Jan 17, 2023