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4w ago

Karim Souaid Begins Tenure as Lebanon’s Central Bank Governor with Reform Commitments

Souaid pledges to combat financial crimes, restructure the banking sector, and prioritize the return of small savers' deposits as Lebanon faces its worst economic crisis in modern history.

Karim Souaid, the newly appointed Lebanon's Central Bank governor, speaks during a taking office ceremony at the Lebanese Central Bank building, in Beirut, Lebanon, Friday, April 4, 2025. (AP Photo/Hussein Malla)
Karim Souaid, the newly appointed Lebanon's central bank governor, right, shakes hands with the incoming interim governor Wassim Mansouri, during a handover taking office ceremony, in Beirut, Lebanon, Friday, April 4, 2025. (AP Photo/Hussein Malla)
Karim Souaid, the newly appointed Lebanon's Central Bank governor, speaks during a taking office ceremony at the Lebanese Central Bank building, in Beirut, Lebanon, Friday, April 4, 2025. (AP Photo/Hussein Malla)
Lebanon's newly appointed central bank governor Karim Souaid speaks during a handover ceremony in Beirut

Overview

  • Karim Souaid officially took office as Lebanon's central bank governor on April 4, 2025, succeeding interim governor Wassim Mansouri.
  • Souaid outlined a reform agenda focused on fighting money laundering, terrorism financing, and ensuring the central bank operates independently from political influence.
  • He emphasized the need to recapitalize Lebanese banks, with options for mergers or injecting new funds, to stabilize the financial system.
  • Priority will be given to gradually returning deposits to small savers, addressing a key grievance of the population locked out of their savings since 2019.
  • The new governor committed to allowing the conclusion of criminal investigations into financial abuses under previous leadership, aiming to restore trust in Lebanon's banking sector.