Meet Karim Souaid, Lebanon’s new central bank chief with daunting mission
The appointment of a new central bank governor comes nearly two years after the term of embattled governor Riad Salameh ended in July 2023.
BEIRUT — Lebanon’s government on Thursday appointed seasoned banker Karim Souaid as governor of the central bank, as the country seeks to implement long-overdue economic reforms to address its prolonged financial crisis.
During a cabinet session at Baabda Palace headed by President Joseph Aoun, 17 out of 24 ministers voted to appoint Souaid to the post, despite reservations by Prime Minister Nawaf Salam.
“Regardless of our reservations about his selection, [the new governor] must adhere to our government's reformist financial policy, as expressed in the ministerial statement, with regard to negotiating a new program with the International Monetary Fund, restructuring banks, and developing a comprehensive plan in accordance with the best international standards to protect depositors' rights,” Salam told reporters after the session.
The premier added that the cabinet approved during the same session a draft law aimed at amending the banking secrecy law.
Who is Karim Souaid?
