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| Riad Salame receives his central bank governor of the year award from Euromoney’s chairman and editor-in-chief, Padraic Fallon, in Singapore in September |
Lebanon’s central bank governor says that the country must press ahead with its reform programme, despite the disruption caused by the war between Israel and Hizbollah in the summer. Riad Salame tells Euromoney that although some delay should be expected, the much-needed reforms have to be implemented as soon as possible. “War should not be used as an excuse to delay them,” says Salame after receiving his award as Euromoney’s central bank governor of the year during the IMF/World Bank annual meetings in Singapore. The reform agenda includes a law that will set up a capital markets authority, the privatization of two mobile phone companies and regulations on insider trading, stock lending and securitization. The government was poised to begin implementing these reforms when the war broke out.
In the more immediate term, Salame is hopeful that Lebanon will win backing from donor nations to support its reconstruction efforts, which the government reckons will cost at least $3.6 billion.