Wassim Mansouri has announced he is taking on the role of interim head of Lebanon's central bank after Riad Salameh's 30-year tenure came to an end on July 31.
He made the announcement during a press conference on Monday, where he laid out a financial roadmap.
Mr Mansouri, 51, was the first deputy governor of Banque du Liban (BDL).
According to Lebanese law, if no successor to the governor is named by the end of the incumbent's term, the first deputy governor must take over.
No successor was named because of a controversy about whether a caretaker cabinet can legally make such an appointment.
Lebanon has been grappling with a deep financial crisis since 2019, resulting from decades of corruption and mismanagement.
The local currency has lost more than 97 per cent of its value, pushing more than 80 per cent of the population into poverty.
The ruling elite's inability to implement the sweeping reforms demanded by the International Monetary Fund has left negotiations around an aid package from the organisation in limbo, further worsening the economic situation.
Mr Mansouri stressed that the central bank “must completely stop financing the government outside of a legal framework”.
The Lebanese state has long been heavily reliant on the central bank to fund its expenditure.
“We must move to another policy, which is to stop financing the state completely, and no disbursement of government funding will ever be signed outside my convictions and outside the legal framework”, Mr Mansouri added.
Mr Mansouri also called for the “liberalisation and unification” of the exchange rate between the Lebanese pound and the dollar.
“The exchange rate must be unified and floating without requiring BDL intervention. This process should take place gradually, in agreement with the government”, he added.
He also called for sweeping reforms to be implemented, including a budget for 2023, a law on capital controls and the restructuring of the banking sector.
“There will be no monetary recovery without these laws”, he said.
“To the Lebanese people … what I can promise you is increased transparency. We extend our hand to everyone to reach a solution as quickly as possible.
“To politicians, I ask that you no longer link monetary matters to political manoeuvring.”
Previous resignation threats
The four deputy governors – Mr Mansouri, Bachir Yakzan, Salim Chahine and Alexandre Moradian – had threatened to resign if a successor was not appointed.
Mr Mansouri told Reuters this month that taking the role was similar to inheriting a “ball of fire”.
Local reports indicated on Friday that Mr Mansouri had accepted the position after winning certain guarantees from the ruling elite.
They include a law passed by parliament authorising him to withdraw $200 million a month for three months from the mandatory reserves of the BDL.
Mr Mansouri was nominated as first vice governor by Speaker of Parliament Nabih Berri, his distant cousin and the leader of the Shiite Amal Movement, an ally of Hezbollah.
He will become the first Shiite to hold the position of BDL's interim head. The position of governor has long been held by a member of the Christian Maronite community.
Mr Mansouri holds a PhD in public law, specialising in constitutional law. He has previously served as the director of the law faculty at the Lebanese University and holds a teaching post there.
For more than seven years, he was also a close adviser to Youssef Khalil, who held the position of finance minister in Tammam Salam's government from 2014 to 2016 and later resumed the role under Saad Hariri until January 2020.
Mr Salameh, 72, was the world's longest-serving central bank governor.
Recent accusations of embezzlement of Lebanese public funds, both domestically and internationally, have turned the spotlight on Mr Salameh's 30-year tenure.
He is also largely blamed for the financial crisis that ultimately led to the collapse of Lebanon’s economy.
He has repeatedly denied these allegations, saying he is being “scapegoated for the crisis”.
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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- Choose your nursery carefully in the first place
- Relax – and hopefully your child will follow suit
- Inform the staff in advance of your child’s likes and dislikes.
- If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
- The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
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- Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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