Lebanon has appointed Karim Souaid as the new Governor of Banque du Liban, the country's central bank, filling a vacancy that had been managed on an acting basis for close to two years. Souaid, an asset manager and banking governance specialist, was named to the post in late March 2025, according to a government announcement.
The appointment ends the extended interim arrangement under Wassim Mansouri, who had served as acting Governor since August 2023 following the conclusion of Riad Salameh's three-decade tenure.
BACKGROUND AND REACTION
Souaid, founder of Bahrain-based investment firm Growthgate, comes to the post from private-sector finance. His appointment was contested: Prime Minister Nawaf Salam voiced reservations, and depositor groups criticised him as close to the banking sector. Lebanon has been in intermittent negotiations with the IMF over a rescue programme since 2020.
The Lebanese pound has lost more than 95% of its former pegged value, and the capital controls that commercial banks imposed informally more than five years ago remain in force.