Chami: Deputy Lebanon Central Bank Governors' Threat to Collectively Resign 'Dangerous'

A view of Lebanon's Central Bank building in Beirut, Lebanon July 6, 2023. REUTERS/Mohamed Azakir
A view of Lebanon's Central Bank building in Beirut, Lebanon July 6, 2023. REUTERS/Mohamed Azakir
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Chami: Deputy Lebanon Central Bank Governors' Threat to Collectively Resign 'Dangerous'

A view of Lebanon's Central Bank building in Beirut, Lebanon July 6, 2023. REUTERS/Mohamed Azakir
A view of Lebanon's Central Bank building in Beirut, Lebanon July 6, 2023. REUTERS/Mohamed Azakir

Deputy premier Saade Chami said on Friday deputy governors of Lebanon's central bank should run it if no governor is appointed by the end of the month, calling their threat to collectively resign "dangerous".
Longtime governor Riad Salameh's term expires at the end of July and one of the deputy governors told Reuters on Thursday they were considering quitting together if no successor is named, raising the possibility of the central bank being left leaderless amid a deep financial crisis.
Lebanon's breakdown in governance and political tensions have hamstrung efforts to find a successor to Salameh, whose 30-year tenure has been stained by charges at home and abroad of embezzlement of public funds in Lebanon. He denies the charges.
In a statement to Reuters, Chami said the deputy governors should "assume their responsibility in case this appointment is not possible...The threat of resignation implied by the statement is quite dangerous at this critical juncture."
The central bank leadership is appointed according to the sectarian power-sharing system that governs other top posts.
The governor must be a Maronite Catholic, while the four deputies - a Shiite Muslim, a Sunni Muslim, a Druze and an Armenian Catholic - must have the approval of the political chiefs representing their respective sects.
Some analysts wondered whether the resignation threat would push the political elite, which worked closely with Salameh for decades, to consider prolonging his tenure. Salameh has said he will leave when his term ends.



Saudi Arabia Continues Campaign against Violations of Car Dealers, Showrooms

Vehicle prices in Saudi Arabia have witnessed a significant increase. Asharq Al-Awsat
Vehicle prices in Saudi Arabia have witnessed a significant increase. Asharq Al-Awsat
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Saudi Arabia Continues Campaign against Violations of Car Dealers, Showrooms

Vehicle prices in Saudi Arabia have witnessed a significant increase. Asharq Al-Awsat
Vehicle prices in Saudi Arabia have witnessed a significant increase. Asharq Al-Awsat

The Saudi General Authority for Competition (GAC) continues its campaign to crack down on violations committed by car dealers and showrooms.

On Tuesday, GAC issued decisions to initiate criminal lawsuits against 107 institutions and to study settlement requests submitted by 17 others.

This came after vehicle prices in Saudi Arabia witnessed a significant increase, prompting the concerned government agencies to verify and stop market manipulation.

According to information made available to Asharq Al-Awsat, the Authority investigated last year 155 establishments operating in the automobile sector, and found that 124 institutions have violated the provisions of the Competition Law and its executive regulations.

Violations included agreements between firms on fixing vehicle prices and dividing markets on the basis of geographical areas.

The Authority noted that these violations led to reducing competition and affecting consumer well-being, forcing the Board of Directors to initiate criminal lawsuits against 107 establishments, and to study settlement requests submitted by 17 others.

In January, the Authority approved filing charges against 79 firms, including agents, distributors, and car showrooms, for violating the law and its executive regulations.

The GAC Board held its 85th meeting on Tuesday and decided to initiate a criminal case against a number of establishments, due to allegations of price-fixing, market division, and other anticompetitive practices.

Moreover, the Board reviewed the results of an investigation in the education and industry sectors, and approved taking the necessary measures against six institutions.

It also decided to approve settlement requests submitted by two firms serving cold and hot beverages and pastries, after reviewing the results of the relevant study and investigation.