Frem: Safeguarding Central Bank independence is key to protecting the financial system’s structure

The Chairman of Project Watan’s Executive Board, MP Neemat Frem, wrote on his X account: “The Central Bank Governor’s position before the Finance and Budget Committee yesterday was clear and commendable. Any attempt to undermine the independence of the Central Bank is categorically rejected, as it contradicts global best practices and strikes at the heart of the Bank’s role.

The committee meeting marked an important step forward, and the formation of a subcommittee to review comments on the banking reform law presents an opportunity to correct the course. We seek a framework that respects Lebanon’s monetary legacy, aligns with the Code of Money and Credit, and upholds the Central Bank’s independence and regulatory role – as is standard in every country around the world. This is not an exception; even the president of the United States cannot interfere with Federal Reserve decisions.

I will make every effort to ensure the law is passed in a form that safeguards the structure of Lebanon’s financial system.

More to follow.”