BDL marks leadership transition amid promises of stability and reform

During the handover ceremony at Banque du Liban (BDL), outgoing acting governor Wassim Mansouri outlined the steps his leadership took to stabilize Lebanon’s financial landscape amid severe national crises. 

He emphasized that the institution laid the groundwork for a new phase by eliminating all policies contributing to the country’s financial, banking, and monetary collapses.

Mansouri praised the close cooperation with judicial and security agencies, which he credited for cracking down on illegal currency speculators. He noted that multiple exchange rates had prevailed in the market, but efforts during his tenure successfully unified them.

He clarified that the BDL did not adopt a fixed exchange rate policy but rather sought to stabilize the rate in coordination with the government — a collaboration he said will continue with the current administration.

Highlighting an improvement in the bank’s reserves, Mansouri announced that Lebanon’s foreign currency reserves had increased by approximately $2.2 billion since August 1, 2023, reaching a total of $10.727 billion by the end of March 2025.

Taking the helm, new BDL governor Karim Souaid pledged to safeguard BDL’s institutional independence, stating that decisions will remain protected from political interference and pressure from both the banking sector and economic interest groups.

Souaid also addressed the pressing issue of deposit recovery, stressing the need to share responsibility among the state, commercial banks, and the central bank. He said priority should be given to small and medium depositors before larger ones.

 

"All banks must increase their capital by gradually injecting new funds. Banks that are unable or unwilling to merge must do so. If they are unable to merge, they will be liquidated in an orderly manner while preserving the rights of depositors," he noted