Lebanon's newly appointed central bank governor pledges to restore confidence in financial sector

Lebanon's newly appointed central bank governor pledged on Friday to restore confidence in the financial sector and implement necessary reforms during the official handover ceremony at the central bank. He emphasized the need to strengthen commercial banks' capital and ensure deposit repayments, adding that banks unwilling to gradually increase their capital should merge with other institutions.

Meanwhile, he stressed that the central bank must lead a broader restructuring of the banking sector. The governor also vowed to combat illicit financial activities, including money laundering and terrorism financing. The central bank governor was elected as the new central bank governor on March 27, with 17 out of 24 votes.