Lebanon appoints asset Manager Karim Souaid as new central bank governor

Record ID: 1986253

  • Title: Lebanon appoints asset Manager Karim Souaid as new central bank governor
  • Date: 27th March 2025
  • Summary: BOGOTA, COLOMBIA (MARCH 27, 2025) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** US SECRETARY OF HOMELAND SECURITY KRISTI NOEM AND COLOMBIAN FOREIGN MINISTER LAURA SARABIA ENTERING ROOM NOEM AND SARABIA SITTING NOEM AND SARABIA SIGNING AGREEMENTS / STANDING UP FROM THE CHAIRS / SHAKING HANDS / HOLDING DOCUMENTS AND POSING FOR PHOTOS NOEM SPEAKING DURING EVENT (SOUNDBI
  • Embargoed:
  • Keywords: CENTRAL BANK ECONOMY GOVERNOR LEBANON
  • Location: BEIRUT AND BAABDA, LEBANON
  • City: BEIRUT AND BAABDA, LEBANON
  • Country: Lebanon
  • Topics: Middle East,Government/Politics
  • Reuters ID: LVA003210927032025RP1
  • Aspect Ratio: 16:9
  • Story Text:Lebanon on Thursday (March 27) named asset manager Karim Souaid as its new central bank governor, a vital step to rebuilding the shattered economy, following deliberations that drew on U.S. input and divided the country's leadership.
    Souaid will be expected to restructure the banking sector and fairly distribute losses from Lebanon's 2019 financial collapse, which erased the savings of ordinary Lebanese, tanked the currency and sparked an economic crisis still felt today.
    In announcing Souaid's appointment, Prime Minister Nawaf Salam urged the new governor to focus on talks with the International Monetary Fund, restructuring banks, tightening banking secrecy laws and prioritising depositors' rights.
    Salam said it was cler Souaid was not his choice for the role.
    Souaid, who holds a degree from Harvard Law School and founded asset management firm GrowthGate Capital in 2007, won the support of 17 ministers in the 24-member cabinet, two sources with direct knowledge of the vote told Reuters.
    Salam and President Joseph Aoun have both pledged to prioritise reforms to help secure funds desperately needed to kickstart the economy and rebuild the country following the recent war between Israel and Lebanese armed group Hezbollah.
    But they were split over who to appoint as central bank governor, with Aoun backing Souaid and Salam against him, according to two Lebanese government officials, two sources familiar with the dispute and a Western diplomat.
    All of the sources asked not to be named due to the sensitivity of the matter.
    All the sources said Souaid was the candidate favoured by the commercial banking sector and had been helped by extensive lobbying efforts both in Lebanon and the United States.
    Reuters could not immediately reach Souaid for comment.
    (Production: Mohamed Azakir, Joelle Kozaily)
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