Karim Saiid assumes governorship of Lebanese Central Bank as Mansouri highlights key reforms
Mansouri emphasized the historic decision to halt state financing, grounded in the Monetary and Credit Law, citing public interest as the sole driver behind BDL's policies. He noted the shutdown of the Sayrafa platform despite risks to the exchange rate, crediting monetary coordination with the government for containing inflation.
Moreover, Mansouri announced a rise in BDL's foreign currency reserves, an audit of the gold holdings, and the full cleanup of the central bank's balance sheet, including the dismantling of financial engineering remnants. He stressed the need for a comprehensive government-endorsed deposit recovery plan and confirmed the restoration of relations with correspondent banks, distancing BDL and Lebanon's banking sector from FATF's grey list.
In his remarks, Governor Karim Saiid praised the central bank's staff for ensuring continuity during Lebanon's crisis. He pledged full adherence to the constitution and banking regulations, urging the recapitalization of commercial banks and their contribution to deposit repayments. He also called for restructuring the sector and restoring public trust through legal financial channels, combating illicit finance, and requiring banks to boost capital or consider mergers.
Saiid concluded by announcing a shift in the Central Bank's public communication strategy, stating the bank will now adopt a 'silent observer' role, limiting its outreach to official statements and economic reports.
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