Mansouri to Asharq Al-Awsat: Lebanese Pound Stable, Banks Vital for Economy

Lebanon’s acting Central Bank Governor Wassim Mansouri (Asharq Al-Awsat)
Lebanon’s acting Central Bank Governor Wassim Mansouri (Asharq Al-Awsat)
TT

Mansouri to Asharq Al-Awsat: Lebanese Pound Stable, Banks Vital for Economy

Lebanon’s acting Central Bank Governor Wassim Mansouri (Asharq Al-Awsat)
Lebanon’s acting Central Bank Governor Wassim Mansouri (Asharq Al-Awsat)

Lebanon’s acting central bank governor, Dr. Wassim Mansouri, has removed concrete barriers from outside the central bank’s headquarters on Beirut’s famous Hamra Street and reopened the museum of currency and art to the public.

The move sends a positive message, symbolizing the restoration of state authority and a step toward ending institutional paralysis as Lebanon undergoes key political and economic changes.

Speaking to Asharq Al-Awsat, Mansouri affirmed he is committed to leaving the central bank in better shape for his successor, once a new government is formed and key appointments are made.
He said removing the barriers reflects his efforts to restore trust after past policies deepened Lebanon’s financial and economic crises.

Mansouri has a clear message for the public: “One of Lebanon’s problems is that leaders often look to other roles instead of focusing on their current duties. My priority is to fulfill my responsibilities until my last day in office.”

“I hope my time here is temporary because appointing a permanent governor would restore institutional stability. I’ve called for this since taking office on August 1, 2023, and I stand by it today,” added Mansouri.

Rebuilding Trust

Mansouri says his mission is clear: “Rebuilding trust.” This starts with restoring the state’s authority, restructuring institutions, and improving the performance of Lebanon’s legislative, executive, and judicial branches to address the country’s five-year economic collapse.

Since stepping into the role, Mansouri has focused on restoring stability, guided by laws that ensure the central bank’s independence. He works closely with his team, emphasizing collective efforts to manage liquidity, foreign reserves, and gradual repayments to depositors.

Governance and Transparency

Mansouri has prioritized governance reforms, including making the central bank’s operations more transparent and aligning financial statements with international standards. Key steps include unifying exchange rates and insulating the bank from political interference, earning praise from global financial institutions.

Two months into his role, the Gaza war spilled into southern Lebanon, creating economic losses of up to $10 billion. Amid the turmoil, Mansouri introduced strict policies to stabilize the currency, avoid state borrowing from central bank reserves, and provide US dollar liquidity for depositors.

Despite the challenges, Mansouri’s approach has offered a measure of stability and hope for recovery during one of Lebanon’s most difficult times.

Curbing Speculation and Ensuring Stability

“We survived,” said Mansouri, reflecting on efforts to stabilize Lebanon’s currency during uncertain times.

Even as Lebanon saw positive political shifts, including the election of General Joseph Aoun as president and Judge Nawaf Salam as prime minister-designate, Mansouri’s strategies prevented harmful speculation and safeguarded the Lebanese pound.

During this period, Mansouri and his team worked around the clock, injecting over 20 trillion pounds into the market and another 10 trillion pounds to meet banking needs.

These measures stabilized the currency, added $300 million to reserves, and raised total foreign reserves to $10.35 billion. Mansouri sent a clear message to speculators: the exchange rate will remain stable, and profiteering from market volatility won’t be tolerated.

Building Reserves and Looking Ahead

With reserves growing by $2 billion, Mansouri sees this as a foundation for stability. He is optimistic about future dollar inflows from tourism and remittances, particularly as Gulf visitors and Lebanese expatriates return.

“We aim to tie demand for the Lebanese pound to real economic progress, not just positive headlines,” he said, reiterating his commitment to maintaining the current exchange rate.

Addressing Depositors’ Rights

Mansouri also acknowledged the urgency of resolving the issue of frozen bank deposits. “Depositors have legitimate rights, and we need a clear plan to address them,” he said, urging cooperation among the government, central bank, and commercial banks.

Since taking office, the central bank has reviewed 1.26 million accounts, totaling $86 billion, and provided detailed data to guide repayment plans. “We’re closer than ever to a solution,” Mansouri said. “Restoring trust in the banking sector is essential for Lebanon’s recovery, and that starts with ensuring depositors regain their funds and faith in the system.”

Lebanon Avoids Financial Disruption Despite Gray List Inclusion

Lebanon’s central bank has taken proactive steps to shield the country’s financial system following the Financial Action Task Force’s (FATF) decision to place Lebanon on its “gray list” of nations with deficiencies in combating money laundering.

By leveraging its historical trust with global banks and showcasing the local financial sector’s strict adherence to international standards, the central bank ensured minimal disruption to transfers and credit operations, maintaining existing costs and workflows.

The FATF report, released in late October, specifically exonerated the central bank, noting it had fulfilled its obligations by issuing necessary directives. As a result, neither the central bank nor the banking sector it supervises needs to implement any of the ten recommendations the FATF outlined for state institutions, including security and judicial bodies.

Notably, the report does not include the cash economy among its required actions, which Mansouri sees as a positive signal.

“The international body overseeing financial crimes has accepted our measures for monitoring cash flows, whether through banks or physical channels,” said Mansouri.

“This reinforces trust in our financial and banking systems, and it’s a responsibility we must uphold going forward,” he added.
Mansouri emphasized that any future assistance should flow through Lebanon’s legitimate financial channels under frameworks established by the government.

“The indications are promising, and we must build on this momentum to safeguard our financial sector and attract further support,” he affirmed.



Hamas Says Ready to Free All Hostages at Once in Gaza Truce Phase Two

The sun sets behind heavily damaged residential buildings in Jabalia in the northern Gaza Strip on February 17, 2025, as people return to northern parts of Gaza during a current ceasefire deal in the war between Israel and Hamas. (AFP)
The sun sets behind heavily damaged residential buildings in Jabalia in the northern Gaza Strip on February 17, 2025, as people return to northern parts of Gaza during a current ceasefire deal in the war between Israel and Hamas. (AFP)
TT

Hamas Says Ready to Free All Hostages at Once in Gaza Truce Phase Two

The sun sets behind heavily damaged residential buildings in Jabalia in the northern Gaza Strip on February 17, 2025, as people return to northern parts of Gaza during a current ceasefire deal in the war between Israel and Hamas. (AFP)
The sun sets behind heavily damaged residential buildings in Jabalia in the northern Gaza Strip on February 17, 2025, as people return to northern parts of Gaza during a current ceasefire deal in the war between Israel and Hamas. (AFP)

Hamas signaled on Wednesday that it was willing to free all remaining hostages held in Gaza in a single swap during the next phase of an ongoing ceasefire.  

Israel and Hamas are currently in the process of implementing phase one of the fragile truce, which has held since taking effect on January 19 despite accusations of violations on both sides.  

Israel's foreign minister said on Tuesday that talks would begin "this week" on the second phase, which is expected to lay out a more permanent end to the war.

"We have informed the mediators that Hamas is ready to release all hostages in one batch during the second phase of the agreement, rather than in stages as in the current first phase," senior Hamas official Taher al-Nunu told AFP.

He did not clarify how many hostages were currently being held by Hamas or other armed groups.  

Nunu said this step was meant "to confirm our seriousness and complete readiness to move forward in resolving this issue, as well as to continue steps towards cementing the ceasefire and achieving a sustainable truce".  

Under the ceasefire's first phase, 19 Israeli hostages have been released so far in exchange for more than 1,100 Palestinian prisoners freed from Israeli jails in a series of Red Cross-mediated swaps.  

Wednesday's offer came after Israel and Hamas announced a deal for the return of all six remaining living hostages eligible for release under phase one in a single swap this weekend.  

Hamas also agreed on Tuesday to return the bodies of eight dead hostages in two groups this week and next.  

After the completion of the first phase, 58 hostages will remain in Gaza.  

The armed wing of Palestinian Islamic Jihad said on Wednesday that it would release the body of Israeli hostage Oded Lifshitz on Thursday. The group said Lifshitz was one of the hostages killed during Israeli strikes on Gaza.  

- 'Room to pressure Hamas' -  

Muhammad Shehada, of the European Council on Foreign Relations, said that after more than a year of devastating Israeli assault in Gaza, "Hamas wants to prevent the war resuming at any cost", albeit with some "red lines".  

"And one of those red lines is that they should continue to exist, basically, whereas (Israeli Prime Minister Benjamin) Netanyahu's position is that they should dismantle themselves," he said.  

Since the start of the war, Netanyahu has vowed to destroy Hamas's capacity to fight or govern, something the group has rejected.  

But the appearance that Washington is now in complete alignment with Netanyahu's government, as displayed by US Secretary of State Marco Rubio's visit this week, strengthened the Israeli premier's hand in negotiations, according to Michael Horowitz, an expert at the risk management consultancy Le Beck International.  

It gives Netanyahu "more room to pressure Hamas", Horowitz said, adding that US President Donald Trump "prefers that the agreement moves forward, but he's leaving the field open to Netanyahu... as long as the ceasefire is maintained".  

- 'Held onto hope' -

Among the bodies Hamas said it would hand over on Thursday are those of Shiri Bibas and her two young sons, Kfir and Ariel, who have become national symbols in Israel of the hostages' ordeal.  

The boys' father Yarden Bibas was taken hostage separately on October 7, 2023, and was released alive during an earlier hostage-prisoner swap.  

While Hamas said Shiri Bibas and her boys were killed in an Israeli air strike early in the war, Israel has never confirmed this, and many supporters remain unconvinced of their deaths, including members of the Bibas family.  

"I ask that no one eulogize my family just yet. We have held onto hope for 16 months, and we are not giving up now," the boys' aunt, Ofri Bibas, wrote on Facebook late Tuesday following Hamas's announcement.  

Israeli authorities have confirmed that the remains of four hostages are due to be returned on Thursday, although they have not officially named them.  

The International Committee of the Red Cross, which has acted as go-between in the exchanges, called for a respectful handover of the hostages' remains.  

"We once again call for all releases to be conducted in a private and dignified manner, including when they tragically involve the deceased," it said.  

Hamas and its allies took 251 people hostage during the October 7, 2023 attack on Israel, of whom 70 remain in Gaza, including 35 the Israeli military says are dead.  

The attack resulted in the deaths of 1,211 people, mostly civilians, according to an AFP tally of Israeli official figures.  

Israel's retaliatory campaign has killed at least 48,297 people in Gaza, the majority of them civilians, according to figures from the health ministry in the Hamas-run territory that the United Nations considers reliable.  

Since the war began, Israeli forces have detained hundreds of Gazans, some of whom have been released in previous rounds of hostage-prisoner exchanges.