The world’s worst central banker retires

In most countriesblgdpbl, a 95% drop in the currency would be a firing offence for a central-bank governor. Not in , which by late 2021 was two years into a grinding financial crisis. The lira, long pegged at 1,500 to the dollar, had plummeted to 27,500. Najib Mikati, the prime minister, was asked if it was time to replace the longtime head of the Banque du Liban (d). His answer was clear: “one does not change one’s officers during a war”.The war is still raging—but even Lebanon’s politicians, it seems, have their limits. The lira now trades at 90,000 to the dollar. has contracted by 40% since 2018. After three decades running the d, Riad Salameh at last lost his job on July 31st. No permanent replacement has been announced. But Mr Mikati nonetheless declined to extend his term.