Lebanon FX reserves down US$2.2b in 2022, US$11b left, says central bank governor

BEIRUT, June 22 — Lebanese central bank governor Riad Salameh said yesterday the bank’s foreign currency reserves had dropped by US$2.2 billion so far in 2022 to about US$11 billion, about a third of the level three years ago.

Once celebrated as a financial wizard, Salameh has been on the defensive since 2019, when Lebanon slipped into an economic meltdown that has seen the currency lose more than 90 per cent of its value. “The Central Bank have shrunk by a net of 2.2 billion dollars since the end of the year,” he said yesterday.

Lebanon is set to name a new prime minister tomorrow, who would then be tasked with forming a new government. The process is often drawn out and can take months of horse-trading before a consensus is reached.

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