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Lebanon in financial turmoil as capital controls fail

The Joint Parliamentary Committees on Tuesday agreed on finding a capital control solution that would both preserve the rights of depositors and the “existence” of banks, Deputy Speaker Elias Bou Saab said.

TV networks meanwhile said that the Committees will ask the government to send the economic recovery plan in order to discuss it along with the capital control law.

“Today’s session was fruitful and there are serious efforts to reach a result. The ball today is in the government’s court,” Bou Saab added.

He also lamented that “there are banks that are still transferring money to abroad in a selective manner.”

Free Patriotic Movement chief MP Jebran Bassil for his part decried that “once again after three years,” parliament has “failed to legalize capital control.”

“It seems that clinging to selectivity in the transfer of the funds of some privileged depositors and maintaining the financial hemorrhage are still stronger than us,” Bassil said.

“There is no political will for reform nor a majority for it in parliament,” Bassil added.


Written by The Levant

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