Illustrative photo: the facade of the Banque du Liban with graffiti presumably left by a group supporting the cause of depositors, on Jan. 30, 2025. (Credit: P.H.B.)
While banking sector reform is expected to gain momentum, crucial financial appointments remain entangled in Lebanon’s entrenched sectarian power-sharing system — despite the urgency of the situation and the public’s high expectations of the new executive leadership.“Financial appointments are imminent. We are moving quickly toward consensus,” Finance Minister Yassine Jaber declared three days ago, following a meeting with Banque du Liban (BDL) Governor Karim Souhaid.Among the positions at stake are the four BDL vice governors: traditionally allocated by sect — Shiite, Druze, Sunni and Armenian — as well as the presidency of the Banking Control Commission (CCB), typically held by a Sunni. The CCB’s four other members are also chosen based on sectarian affiliation: Maronite, Greek Catholic, Orthodox and Shiite. These posts have been...
While banking sector reform is expected to gain momentum, crucial financial appointments remain entangled in Lebanon’s entrenched sectarian power-sharing system — despite the urgency of the situation and the public’s high expectations of the new executive leadership.“Financial appointments are imminent. We are moving quickly toward consensus,” Finance Minister Yassine Jaber declared three days ago, following a meeting with Banque du Liban (BDL) Governor Karim Souhaid.Among the positions at stake are the four BDL vice governors: traditionally allocated by sect — Shiite, Druze, Sunni and Armenian — as well as the presidency of the Banking Control Commission (CCB), typically held by a Sunni. The CCB’s four other members are also chosen based on sectarian affiliation: Maronite, Greek Catholic, Orthodox and Shiite. These posts...