Lebanon’s central bank vows to cooperate with audit as pound dips | Banks News

Lebanon is in the throes of an economic crisis from 1975-1990.

Lebanon’s central bank said on Thursday it had complied with requests from Alvarez & Marsal (A&M) advisers to investigate its accounts, with reports that the company was seeking to resign due to a lack of cooperation.

The study is seen as a key component of the global financial aid program and other foreign aid to address Lebanon’s economic woes since the 1975-1990 civil war.

There has been little progress in tackling the problem since the pound began to fall from its 23-year price target to the US dollar in 2019.

Last July, it dropped to $ 24,000, and on Thursday sold more than $ 24,200.

The central bank and finance ministry held a meeting with A&M on Thursday and emphasized “their full commitment” in finalizing the investigation, the bank said.

Governor Riad Salameh said the Banque du Liban had honored all petitions filed by December 29, when the banking secret law suspended by parliament last year went into effect.

The central bank “agrees that legal research should begin now,” Salameh told Reuters.

“It is up to the Ministry of Finance and (A&M) to decide if this research needs more … [The central bank] will listen. ”

A&M dropped the same investigation last year due to a lack of cooperation. A source told Reuters on Wednesday that A&M had told the president to resign due to delays in providing details.

A&M spokesman did not respond to a request for comment.

Prime Minister Najib Mikati’s government, which was set up in September after a year of negotiations between several Lebanese political parties, has struggled to do business.

It has not been meeting for more than 40 days, thwarted by pressure from Iran-backed Hezbollah militia and allies to remove a judge investigating the Beirut port explosion in August 2020 that toppled the previous regime.

Salameh told Reuters in an interview Tuesday that the government has not yet agreed on the amount of money it can give to the IMF, which is needed to start negotiations.

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