Riad Salameh’s 30 Year Tenure Concludes at BDL: Wassim Mansouri Assumes Command Amid Calls for Reform and Cooperation

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On Monday, July 31, an era of 30 years came to an end at the Banque du Liban (BDL) with the conclusion of the long-standing governor, Riad Salameh's tenure.

In the wake of his departure, Wassim Mansouri, the first deputy governor, assumed the helm amidst a leadership vacuum.

Mansouri has strongly called for sweeping reforms and a fortified alliance between the BDL, the parliament, and the government.

In a live press conference, the First Deputy Governor of the BDL, Wassim Mansouri, expressed a firm and clear stance. He asserted that regardless of the reasons driving the government to request funds from the BDL, they are entirely unjustified, and this draining must come to a complete halt.

He categorically rejected any study that justifies interference with mandatory reserves, emphasizing that the only solution to cease the state's reliance on the BDL lies in improving public finances.

Mansouri emphasized the need to adopt a different approach, putting an end to the practice of entirely financing the state. He stated that he would not sign any disbursement to finance the government, beyond his convictions and outside the appropriate legal framework.

“The sole solution to end the state's reliance on the BDL lies in improving public finances. This is not a monetary issue. The answer to the problem is not within the BDL,” he stated.

In addition, he highlighted the importance of exchange rate liberalization and unification. He stressed that this would mean the value of the US dollar against the Lebanese lira would be determined by market operations without any intervention from the BDL.

“The BDL cannot formulate monetary and financial policy alone. It must cooperate with the government and parliament, and we cannot change the current situation alone,” Mansouri added.

He also stated, “By advocating for the discontinuation of the subsidy policy, we managed to persuade the government to take action. As a result, there has been a relative recovery in the economy. However, despite this progress, the government continues to rely on the BDL for dollars, as the ultimate solution lies in the comprehensive reform of public finances.”