by news.mb.com.ph — Nearly four weeks into nationwide protests calling for the ouster of the ruling elite, radical changes demanded by demonstrators have not been implemented. The peaceful protests against corruption and sectarianism have paralysed Lebanon, worsening an economic crisis that has brought the country to the brink of default. Central bank governor Riad Salameh — increasingly under fire for his monetary policies — insisted however that deposits were safe and the country’s currency would remain pegged to the dollar. “The central bank’s first and foremost goal is to protect the Lebanese pound’s stability,” he told a news conference.
The bank has taken measures “to protect depositors and protect deposits”, he said. Salameh said he had asked local banks to lift restrictions imposed after protests started on October 17. Recent decreases in capital inflows have cause dollar shortages, leading banks to cap withdrawals. On the unofficial market, the greenback has sold at up to 20 percent more than its official rate. While Salameh insisted the financial sector would remain solvent, trust in the central bank has plummeted and outside the news conference dozens of protesters voiced their anger. “All of them means all of them. Salameh’s one of them,” they chanted, in a variation of a common call for all political figures to resign.
– Victory of sorts –