Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country's parliament voted in a new head of state for the first time since 2022.

Lebanese army commander elected president weeks after a tenuous cease-fire agreement halted a 14-month conflict between Israel and Hezbollah.

Though Lebanon’s presidency is mostly symbolic, it has a few important powers, like approving prime ministers and cabinets. In a country still haunted by the memory of civil war, symbolism is important too: how the head of state is chosen says much about the balance of power in Lebanon’s factious politics.

Lebanon’s parliament has elected its US-backed army chief to be the country’s next president, ending a years-long political stalemate and presidential vacuum.

Lebanon's parliament elected army chief Joseph Aoun head of state on Thursday, filling the vacant presidency with a general who has U.S. support and showing the weakened sway of the Iran-backed Hezbollah group after its devastating war with Israel.

Lebanon's 128-member parliament on Thursday elected Army commander Gen. Joseph Aoun as the country's new president after the post remained vacant for more than 26 months.

The outcome showed the diminished sway of the Iran-backed Hezbollah militant group after its devastating war with Israel.

Lebanon has elected a president following a two-year deadlock and power vacuum, signalling a weakened Hezbollah.