Lebanon to release former central bank governor Salameh on bail

Lebanese authorities will on Friday release former central bank governor Riad Salameh, who posted a record-high bail after nearly 13 months in detention over alleged financial crimes committed during his tenure, a Lebanese judicial source said.

Once viewed as the linchpin of the banking system, Salameh, 74, saw his standing crumble as a 2019 meltdown of the sector he oversaw impoverished Lebanese depositors and froze most out of their accounts. He was subsequently battered by corruption allegations both in Lebanon and abroad.

Salameh was arrested in Lebanon in September 2024 and detained pending an investigation into charges including the embezzlement of public funds.

After completing legal procedures, Salameh, who is currently in hospital, will be released on Friday, having posted bail of $14 million and 5 billion Lebanese pounds ($55,866), the source said, describing it as the highest bail figure ever recorded in Lebanon.

The public prosecutor has also banned him from travelling outside Lebanon for the next year as legal proceedings over his charges continue, the source added.

($1 = 89,500.0000 Lebanese pounds)