Lebanon faces challenges in finding successor as BDL Governor Riad Salameh's term ends

The Banque du Liban (BDL) Governor Riad Salameh's term ends on Monday, as he is targeted by several European investigations regarding the source of his wealth and his performance as the BDL's Governor for three decades.

However, due to political divisions and institutional paralysis in the country, there has been no appointment to succeed him.

It is expected that First Deputy Governor Wassim Mansouri will take over the responsibilities of the Governor in an acting capacity, following the law. At the same time, the political forces search for a solution.

Lebanon's system is based on sectarian and political quotas, requiring the appointment of high-ranking officials through political consensus, which seems difficult to achieve amidst the current sharp divisions.

Mansouri, who had threatened to resign weeks ago to pressure for the appointment of a successor to Salameh, is expected to announce his stance during a press conference on Monday.

According to the Monetary and Credit Law, the Governor is appointed for a six-year term based on a decree issued by the Cabinet upon the recommendation of the Finance Minister. The new Governor must take the oath before the President of the Republic, a vacant position in the country for nine months.

Salameh's tenure (73 years old), who has been the Governor of the BDL since 1993, is one of the longest in the world.