Critical Audit Reveals Troubling Practices at Lebanon's Central Bank 🏦 A recent audit of Lebanon's central bank has shed light on concerning financial practices, including alleged misconduct and the use of "financial engineering" strategies. The audit suggests a lack of transparency and governance, raising important questions about the role of central banks and the need for better financial management. Key findings from the audit include "illegitimate commissions" of $111 million, disguising losses of $76 billion, and a heavy reliance on borrowing to sustain operations. This scheme, often compared to a "Ponzi scheme," underscores the dangers of opacity and the potential for unsustainable financial practices. In a world where central banks play a crucial role in economic stability, this report should urge the need for transparency, accountability, and good governance. It's a reminder that society should critically evaluate how money is being created, managed and allocated. As we reflect on these findings, let's advocate for greater transparency and explore innovative ways to ensure better oversight of single individuals in centralized institutions with enormous power. 👇 via Reuters: “The bank's financial engineering siphoned off dollars from local banks at high interest rates from 2015 to help finance the heavily indebted state. The audit said BDL disguised losses equal to $76 billion from the engineering. Critics described the policy as a "Ponzi scheme" as it depended on fresh borrowing to pay back existing debt.” source: “Audit criticises 'misconduct' at Lebanon central bank, urges oversight” via Reuters Aug 11 2023 https://www.reuters.com/world/middle-east/audit-criticises-misconduct-lebanon-cbank-urges-oversight-2023-08-11/