Riyad Salameh Claims He’s a Scapegoat in Lebanon’s Financial Crisis

In a recent interview with Al Arabiya Business, former central bank governor Riyad Salameh expressed that he has become a “scapegoat” amid Lebanon’s ongoing financial turmoil, denying any responsibility for the losses experienced by depositors or the banking sector’s collapse.

Salameh pointed to the impact of the Syrian war, estimating its cost to Lebanon at between $25 billion and $30 billion. He asserted that he is not involved in any lawsuits in Lebanon, France, or other European nations.

Reflecting on his tenure that began in 1993, he mentioned entering office with personal assets exceeding $20 million. He also advocated for a thorough audit of accounts in 2021, claiming that “no evidence of illicit funds was found.”

According to Salameh, “what happened was a conspiracy that started in 2015.” He elaborated that the challenges he faces are not just ordinary lawsuits but rather part of an “organized political conspiracy” aimed at attacking the banking sector and destabilizing financial systems intended to safeguard the Lebanese pound.

He remarked that his role as a scapegoat is part of a more extensive political and economic agenda, suggesting that the 2019 financial collapse was preceded by a “coordinated campaign” from political factions with specific interests.

Salameh believes the banking crisis is not solely attributable to the decisions made by the Lebanese central bank. He pointed to the actions of the “Shiite duo” and the Free Patriotic Movement government, which he claims embraced unsustainable monetary policies.

He emphasized that “government policies, unchecked spending, and obstructed reforms” were critical factors contributing to the financial disaster that obliterated the savings of the Lebanese populace.

Further denying any direct responsibility for the loss of Lebanese savings, Salameh stated, “The financial engineering of the central bank has contributed to economic protection for many years,” adding that the collapse occurred following the state’s default on its debts.

He clarified that investigations underway in various European nations do not constitute a conviction; instead, the matter is still “under review.” Salameh noted that his name has surfaced during political debates in Lebanon but not in concrete legal contexts.

He also indicated that there’s a possibility for returning depositors’ funds unless banks declare bankruptcy. Additionally, he disclosed a proposed Western plan to potentially bankrupt some banks while establishing new ones. He mentioned that the government had issued a circular aimed at repatriating some of the funds that left the country between 2017 and 2020.