- 05
- June
- 2025
The terms of the four vice-governors of the Lebanese Central Bank (BDL) will expire on June 11, along with those of the chairman and members of the Banking Control Commission, as well as three experts on the Capital Markets Authority.
In line with Article 18 of the Code of Money and Credit, the governor of BDL is appointed by decree for a six-year term by the Council of Ministers, based on a proposal from the finance minister. The vice-governors are appointed for five years, also by decree, on the minister’s proposal and in consultation with the governor.
Against this backdrop, BDL governor Karim Souhaid has declined to engage in informal discussions or political bargaining over names or the allocation of positions, limiting his involvement to a technical opinion.
As for Finance Minister Yassine Jaber, he said the appointments would be made soon — particularly those of the vice-governors and members of the Banking Control Commission — describing them as key to advancing reforms and continuing talks with the International Monetary Fund (IMF).
Following the appointment of Georges Maarawi — former director general of land registry affairs — as finance minister, the government is set to finalize the key financial appointments in the coming days.
Key appointments are coming into focus: Parliament Speaker Nabih Berri has confirmed the reappointment of Wassim Mansouri as BDL’s first vice-governor, a decision he personally conveyed to the central bank governor.
As for former leader of the Progressive Socialist Party (PSP) Walid Joumblatt, he is reportedly preparing to nominate Makram Bou Nassar, an executive director at BDL, for the position of second vice-governor — a position traditionally held by a member of the Druze community — replacing Bashir Yakzan, an ally of Lebanese Democratic Party leader, Talal Arslan.
For the Sunni seat, currently held by third vice-governor Salim Chahine, no decision has been made yet — nor for the fourth vice-governor position, traditionally assigned to a member of the Armenian community, where the Tachnag party may seek to renew Alexandre Mouradian’s term.
That said, an alternative scenario calls for a full overhaul of the current team — an option reportedly supported by President Joseph Aoun in talks with Souhaid.
Among the candidates put forward for the position of first vice-governor are Hassan Saleh, general manager of Bank Audi, and Rabih Nehmeh.
As for the fourth vice-governor position, the final decision rests with the Tachnag party, which alone holds the authority to appoint its next representative.
The chairmanship of the Banking Control Commission (BCC), traditionally reserved for the Sunni community, is drawing strong interest from several key players in the financial sector. Economist Mazen Soueid is gradually establishing himself as the leading candidate, though other serious contenders remain in the mix — including Salim Shahine, the current first vice-governor of BDL, and Mohammed Ali Hassan, the head of BDL’s accounting department and member of the “Irada” collective.
The Commission’s final lineup has yet to be confirmed. Meanwhile, talks are ongoing to appoint three experts to the Capital Markets Authority, potentially replacing Wajeb Kanso, Fouad Choucair and Walid Kaddoura.
Mazen Soueid holds a PhD in economics from Brown University and brings over 25 years of experience along with a strong technical reputation. He currently serves as CEO of the Investment Development Authority of Lebanon (IDAL). Soueid has worked for Deutsche Bank in London and New York, as well as BankMed, and has served on the boards of several Lebanese banks. He also held positions at the IMF, leading missions in around 20 countries across Asia, Latin America, the Middle East and Africa, focusing on monetary policy, public debt management, banking restructuring and financial market development.
Once the appointments are confirmed, Lebanon’s financial governance structure will be fully in place: Governor Karim Souhaid will be joined by his new vice-governors, Finance Director-General George Maarawi, and Economy Director-General Mohammed Abou Haidar — both serving on BDL’s Central Council. The team will be rounded out by the Banking Control Commission and the government commissioner assigned to the central bank.
Pressure from the IMF continues to weigh heavily on the process. Multiple sources indicate that former Deputy Prime Minister Saadeh Chami is backing several Lebanese experts currently working at the Washington-based institution, including Mohammed Jazini, head of the IMF’s Risk Department, and Rasheed Awad, a specialist in financial markets. The name of Marwan Mikhael, who briefly served on the Commission in 2020 before relocating to Washington, has also resurfaced in discussions.
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