Lebanon's ex-central bank chief released on $14 million bail

Lebanon’s longtime former central bank governor Riad Salameh was released on $14 million bail Friday after a year in jail while awaiting trial on corruption charges. The decision comes as Lebanon continues to grapple with an economic meltdown that has eroded deposits and the value of the Lebanese pound since 2019.

Salameh, who led the central bank from 1993 until his departure in 2023, has faced multiple criminal investigations both locally and internationally. He is widely blamed for the country’s financial crisis, though supporters credit him with stabilizing the currency during periods of political gridlock after the civil war. European authorities have also scrutinized his finances in separate inquiries while Lebanon and other countries pursue cases tied to financial misconduct and the management of public funds.

Prosecutors last September charged Salameh with embezzlement of about $42 million and later added counts of illicit enrichment related to a France-based apartment that was allegedly used as a substitute central bank office. Officials say the apartment was rented from Salameh’s former romantic partner for about $500,000 a year. The accusations form part of a broader, internationally watched probe into how Lebanon’s finances were managed over decades of economic stress.

During his detention, Salameh’s health declined, and he spent time in a hospital outside Beirut prior to Friday’s release. The court had denied a request to release him without bail, instead imposing a travel ban and setting the $14 million bail as a condition for release while the case proceeds.

Salameh’s lawyer, Marc Habka, told reporters his client is in poor health and that the defense has presented evidence to support his innocence. “It’s the right of the Lebanese people to know, in the end,” Habka said. “If Riad Salameh is involved (in the alleged crimes), he will be convicted. If other people are involved, they will be convicted, and if he is innocent, he will be acquitted.”

The case sits at the intersection of Lebanon’s years-long drive to hold public officials to account and the broader struggle to rebuild faith in a banking system that once symbolized stability for a country in turmoil. Since late 2019, a deep financial collapse has wiped out large swaths of ordinary savers’ deposits and eroded confidence in institutions, prompting international interest in how state-led financial management contributed to the crisis. Salameh’s 30-year tenure, during which he helped navigate a postwar economy and periods of political stalemate, has left a contested legacy: some view him as a stabilizing figure, others as a tragic symbol of governance failures.

As the case unfolds, Lebanese authorities and international observers will watch for how the allegations are pursued in court, and whether further charges or investigations will emerge in Lebanon or abroad. The release on bail does not resolve the criminal questions that have shadowed Salameh’s career, but it marks a significant development in a case that has become emblematic of the country’s ongoing fight over corruption, accountability, and financial reform.

Sewell reported from Beirut.