Central Bank of Lebanon: Continues Full Cooperation with Alvarez & Marsal Until Completion of Audit Work

Issued by the Central Bank of Lebanon:

"In line with the Central Bank of Lebanon's commitment to enhancing principles of transparency and accountability, and after completing the criminal audit tender process in accordance with established procedures under public procurement, which was monitored by the Ministries of Finance and Justice through their participation in relevant committees—including the Acceptance Committee and the Tendering Committee—the company Alvarez & Marsal has been awarded the tender for conducting the criminal audit mission on selected operations related to the Central Bank of Lebanon's foreign assets.

Following the official commencement of the company’s work on August 17, 2026, the Central Bank of Lebanon held a meeting today, Wednesday, with the Alvarez & Marsal team to launch the mission and oversee its implementation phases, attended by Mr. Manuel Makki representing the company, Mr. James Daniel, lead auditor for the mission, along with members of the supporting team.

The audit mission covers the period from October 1, 2019, to December 31, 2023, and includes several operations related to the Central Bank of Lebanon’s foreign assets, such as commodity and essential goods support programs, certain banking transfers and public sector transfers, as well as documentary credits linked to fuel imports.

The objective of the audit is to review these operations, trace the flow of associated funds, and verify the procedures and mechanisms adopted in their execution, based on documents, data, and records available from relevant parties.

Since the mission’s initiation, the Central Bank of Lebanon has worked to provide the required documents and data and facilitate the audit team’s work. In this regard, the bank commends the full cooperation demonstrated by all concerned ministries and public administrations in supplying the necessary information, documents, and clarifications—particularly the Ministry of Economy and Trade, the Ministry of Energy and Water, the Ministry of Public Health, the Ministry of Agriculture, and other relevant ministries and entities. It also acknowledges the cooperation of commercial banks and other stakeholders, which contributes significantly to the successful completion of the audit mission.

The Central Bank of Lebanon reaffirms its ongoing full cooperation with Alvarez & Marsal until the completion of audit work and the delivery of independent, documented results that will clarify the operations covered by the mission and strengthen transparency and accountability.

This audit also reflects the Central Bank of Lebanon’s commitment to documenting and securing its financial rights tied to amounts disbursed from its foreign currency reserves, particularly within support programs, ensuring the protection of these rights based on the final audit findings."