Lebanon's central bank governor said nobody was running the country, as he defended his decision to halt fuel subsidies that have drained currency reserves, saying the government could resolve the problem by passing necessary legislation.
In an interview broadcast on Saturday, Banque du Liban governor Riad Salameh pressed back against government accusations that he had acted alone in declaring an end to the subsidies on Wednesday, saying everyone knew the decision was coming.
The move is the latest turn in a crippling financial crisis that has sunk the Lebanese pound by 90 per cent in less than two years and pushed more than half the population into poverty.
Lebanon could recover but it was not possible to say how many years that would take, Mr Salameh said. “So far, you have nobody running the country,” he said in the interview with Radio Free Lebanon.
The Lebanese pound was “hostage to the formation of a new government and reforms”, he said.
Lebanon's sectarian politicians have failed to agree on a new government since Hassan Diab quit as prime minister last August, after the catastrophic Beirut port blast that killed more than 200 people, injured thousands and devastated the capital.
He has continued in a caretaker capacity since then.
The central bank announced on Wednesday it would provide credit lines for fuel imports at market rather than subsidised exchange rates, paving the way for a sharp increase in fuel prices, which the government has said must not change.
Fuel importers have demanded clarity, saying they cannot import at market rates and sell at subsidised rates, which are a fraction of the currency's real price.
The fuel crisis has hit a crunch point, with hospitals, bakeries and many businesses scaling back operations or shutting down completely.
The central bank has said it cannot use mandatory foreign currency reserves, a portion of deposits set to one side by law, without legislation.
Mr Salameh said such reserves had reached $14 billion.
Critics of the fuel subsidy scheme say it has created huge incentives for smuggling and hoarding by selling petroleum products at a fraction of their real price.
Mr Salameh said that more than $800 million spent on fuel imports in the past month should have lasted three months, blaming traders and saying it was “unreasonable” that so much had been spent with no product available in the market.
COMPANY%20PROFILE
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Killing of Qassem Suleimani
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
LOVE%20AGAIN
%3Cp%3EDirector%3A%20Jim%20Strouse%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Priyanka%20Chopra%20Jonas%2C%20Sam%20Heughan%2C%20Celine%20Dion%3C%2Fp%3E%0A%3Cp%3ERating%3A%202%2F5%3C%2Fp%3E%0A
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Fixtures
%3Cp%3E%3Cstrong%3EWednesday%2C%20April%203%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EArsenal%20v%20Luton%20Town%2C%2010.30pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3EManchester%20City%20v%20Aston%20Villa%2C%2011.15pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EThursday%2C%20April%204%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ELiverpool%20v%20Sheffield%20United%2C%2010.30pm%20(UAE)%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Results
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi
9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Company%20profile
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