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.
