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Report: BDL to Issue Circular Regulating Bank-Customer Relation

Mar 04

Report: BDL to Issue Circular Regulating Bank-Customer Relation

The final version of a “capital control” law prepared by a committee of legal and financial experts will reportedly be discussed during the cabinet meeting on Thursday, al-Joumhouria daily reported on Wednesday.

According to “well-informed” sources and despite the “intended secrecy” surrounding the matter, the committee finalized the law and handed it to Finance Minister Ghazi Wazni in order to be discussed during the cabinet meeting to be held at Baabda Palace, said the daily.

Al-Joumhouria said the law will be discussed in parallel with a new circular to be issued to local banks by Central Bank governor Riad Salameh, regulating the relationship between banks and their customers.

A grinding liquidity crunch has hit Lebanon, where unprecedented protests since October 17 have railed against the political class and a deepening economic crisis.

Since September, banks have restricted the amount of dollars that can be withdrawn or transferred abroad.

Although no formal policy is in place, most have arbitrarily capped withdrawals at around $1,000 a month, while others have imposed tighter restrictions.

naharnet