Lebanon appoints new central bank governor as it works to climb out of economic crisis
Lebanon appointed asset manager Karim Souaid to the post of central bank governor Thursday as the government tries to reform the economy after months of war and decades of mismanagement and corruption. The country's economy has been in crisis for five years and desperately needs reforms to unlock international aid, and on top of that, Israel’s 14-month war with Hezbollah caused what the World Bank estimates was $11 billion in damages and economic losses. The appointment was announced by Prime Minister Nawaf Salam, the International Court of Justice jurist who was named Lebanon’s premier in January following the election of President Joseph Aoun earlier that month.
