Wassim Mansouri, first deputy governor of Lebanon's central bank, attends a press conference at the Banque du Liban building in Beirut, Lebanon July 31, 2023. (Credit: Mohamed Azakir/Reuters)
The first deputy governor of Banque du Liban (BDL), Wassim Mansouri, is taking over as acting governor after ruling politicians failed to name a successor to Riad Salameh, whose term ended on Monday with the financial system in tatters.
Here are some details about Mansouri, 51:
Laywer by training
He trained as a lawyer and holds two PhDs — one in public law from Montpellier University in France and another from the Lebanese University — according to his biography on the central bank website.
He founded his own law firm and worked in several government roles prior to being appointed deputy governor. He previously served at the Ministry of Justice and as a legal consultant to Parliament and the Ministry of Finance.
Shiite Muslim
This will be the first time a Lebanese Shiite Muslim has
served as governor, a post traditionally reserved for a Maronite Christian
under Lebanon's sectarian power-sharing system.
He is a distant cousin of Parliament Speaker Nabih Berri, who heads the Amal Movement and who nominated him to the first deputy governor role in 2020.
The three other deputy governors are Sunni Muslim, Druze and Armenian Catholic — all of whom were approved by the political chiefs of their respective sects.
Tenure as deputy governor
Mansouri was appointed BDL first deputy governor in June 2020, alongside the three other deputy governors. They sit
on the BDL's central committee.
He oversaw several departments, including cash operations, real estate and legal. He acted as "alternate governor" when liaising with regional and international bodies.
At a press conference on Monday confirming he would be taking over, Mansouri said the four deputy governors tried to alert the government to unsustainable policies even when Salameh was still at the helm of the central bank, claiming they convinced the government to halt a costly subsidy program.
Lebanon's economy began to unravel in 2019 following decades of corruption and wasteful spending by ruling politicians.
'Ball of fire'
As the clock wound down on Salameh's tenure, the four deputy governors, including Mansouri, threatened to resign as a group if they did not receive reassurances from the political class on a list of policies they wanted to pursue.
A source close to Mansouri said he saw the acting governor role as "a ball of fire" given the prolonged economic meltdown.
In the weeks leading up to Salameh's departure, Mansouri met with officials in the United States, which has always been keen to ensure Lebanon's central bank enforces measures to combat money laundering and terrorist financing.
A diplomat brief on the visit said US officials had been "reassured" by the meeting.
A US embassy official confirmed to Reuters that Mansouri held "productive meetings with counterparts" in Washington but referred other questions to the central bank.
On Monday, Mansouri called on the government to carry out long-delayed reforms to address the crisis and said he hoped political leanings would not impact monetary policies.
He said he was "extending a hand" to politicians, but also addressed the Lebanese people.
"To Lebanese women and men, allow me to apologize to you again. Once again, an official is coming to you .... saying he can't do it alone," he said.
after ruling politicians failed to name a successor to Riad
Salameh, whose term ended on Monday with the financial system in
tatters.
Here are some details about Mansouri, 51:
Laywer by trainingHe trained as a lawyer and holds two PhDs — one in...