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Lebanon's toughest job: Challenges await Lebanon's next BDL governor
News Bulletin Reports
23-03-2025 | 13:55
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Lebanon's toughest job: Challenges await Lebanon's next BDL governor
Report by Joe Farchakh, English adaptation by Yasmine Jaroudi
With the Lebanese Cabinet's approval of a new appointment mechanism, all eyes are now on the next Banque du Liban (BDL) governor—an appointment widely regarded as one of the most difficult positions in the country.
Leading the BDL is far from a "dream job" at this stage, as the incoming governor will inherit a financial system in crisis, burdened with immense responsibilities. Two pressing issues will demand immediate attention upon taking office.
The first is restructuring the banking sector, including the BDL itself.
Nevertheless, each time a draft law on bank restructuring reaches the Cabinet, it is met with objections and questions that ultimately stall its progress. This reform is directly linked to the fate of depositors' funds, which remain frozen in the financial system. A key point of contention is determining how much these deposits can be guaranteed and returned.
The second major challenge is securing a deal with the International Monetary Fund (IMF), which is widely seen as a critical step toward restoring confidence in Lebanon's economy and banking sector.
Governmental sources confirmed to LBCI that transparency with depositors will make the new governor's job even more difficult, as returning deposits in full is unlikely. If funds are reimbursed, it will likely be through long-term installments, further eroding their value over time.
A Reuters report published on March 16 revealed that Washington has been engaging with potential candidates for the governor position, with a primary focus on dismantling Hezbollah's financial network and cracking down on money laundering. This highlights the geopolitical weight of the appointment, making it unlike any other government position.
The decision will be influenced by both domestic and international considerations, shaping Lebanon's future financial direction.
Beyond political and economic calculations, the next BDL governor will face the monumental task of restoring trust in Lebanon's financial system.
Who is capable of taking on such a challenge?
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