BEIRUT: Lebanon’s politically influential Maronite Christian patriarch backed the long-serving central bank governor on Sunday, after the prime minister cast bank chief Riad Salameh as responsible for a currency crash that worsened sharply in recent days.
The pound, which has lost more than half its value since October, slid to record lows on a parallel market over the past week, losing some 15% of its value within a few days. Prime Minister Hassan Diab sharply criticized Salameh on Friday.
Currency changers have gone on strike and the parliament speaker urged the government to use “legal powers” to halt the fall in the pound. The past two days have seen bomb and firebomb attacks on banks, although there were no reports of injuries.
Amid a growing debate over whether the bank governor of 27 years should resign, Maronite Patriarch Bechara Boutros Al-Rai, Lebanon’s top Christian religious authority, said criticism of Salameh would only hurt the country.
“We ask: who benefits from the destabilization of the central bank governorship? The beneficiary himself knows,” said Rai. “We know the dire outcome, which is eliminating the confidence of the Lebanese people and (foreign) states in the constitutional foundations of the state.”
Lebanon is governed according to a sectarian political system that parcels out state positions according to religious group. The central bank governorship is reserved for a Maronite Christian while the premier is always a Sunni Muslim.
Diab’s government was formed in January with the support of powerful Iran-backed Shiite movement Hezbollah and has struggled to enact stalled reforms demanded by foreign donors.
Gebran Bassil, head of Lebanon’s largest Christian party, said while the central bank bore a large responsibility for losses and poor policies, it was the state “first and foremost” that must account for the crisis.
The currency’s rapid fall has raised the prospect of price hikes and broader unrest at a time when unemployment has soared and a coronavirus lockdown has dealt an additional blow.
On Saturday a small bomb was detonated outside a commercial bank in the southern city of Sidon, tearing apart its facade. A bank in the city of Tyre was attacked with molotov cocktails early on Sunday, according to security sources.
The attacks did not result in any injuries and the assailants remain unknown according to the security sources.
Lebanon’s top Christian cleric backs central bank governor as currency tumbles
https://arab.news/4rhxr
Lebanon’s top Christian cleric backs central bank governor as currency tumbles
- Currency changers have gone on strike and the parliament speaker urged the government to use “legal powers” to halt the fall in the pound
Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador
RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.
Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.
He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.
La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh.
Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.
Launching La Fabrique as a space dedicated to artistic creativity
The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally.
He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.
Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.
Saudi Arabia benefiting from French experience in the cultural field
Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.
This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.
He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.
La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.
