Lebanon central bank’s first deputy takes over as interim governor

Lebanon central bank’s first deputy takes over as interim governor

The first deputy governor of Lebanon’s central bank has confirmed he will take over as interim chief after governor Riad Salameh’s term ends later on Monday.

Wassim Mansouri will run the Banque du Liban until a permanent successor is found.

Although the country is in the throes of an economic meltdown, Lebanon’s political leaders failed to appoint a permanent replacement in time for the handover.

Lebanese law mandates that the central bank’s first vice-governor must take over in the absence of a permanent chief. Mansouri, along with the three other deputies, have been reluctant to take the helm without policy guarantees from the country’s deeply fractured political class.

In a press conference announcing his decision, Mansouri urged the government to pass urgently needed laws to deal with Lebanon’s deep economic crisis, saying this was the country’s “last chance”.

“Among these laws are the 2023 budget, capital controls and the restructuring of the banking sector,” Mansouri said. “There will be no monetary recovery without these laws.”

He said the BdL, parliament and the caretaker cabinet would need to work together to forge a comprehensive recovery plan, including talks on unifying and floating the local currency. Since the start of the crisis, Lebanon has had multiple exchange rates