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finance & economyDecember 1, 2022

Mouawad on capital control: Ruling class evading accountability, depositors paying price

Lawmaker and presidential candidate Michel Mouawad slammed Wednesday a capital control draft law after joint parliamentary sessions resumed discussing it.

Mouawad said that the law will make the depositors bear the burden of the financial crisis.

'They are trying to escape accountability and make the depositors bear the burden and pay the price,' Mouawad said in a press conference after the capital control session.

Deputy Speaker Elias Bou Saab had reportedly said that some MPs do not want to pass nor discuss the law.

'We are not against the law in principle but approving it before restructuring the banking system means writing off the depositors’ savings,' Mouawad said.

The lawmaker went on to say that there is 'a clear plan aiming at writing off the depositors' savings in order to finance the ruling class,' and that the capital control law is legalizing the 'lollar' -- depositors' dollars stuck in the Lebanese banks.

The Lebanese Depositors Association had also earlier on Wednesday slammed the law, considering that politicians and people in power had transferred their money out of the country but now the Lebanese people are being humiliated at the banks.

Mouawad backed this idea, saying that the Lebanese politicians did what they did and now the depositors will pay the price. He also criticized the state budget, which he said would further exasperate the collapse.

Mouawad said he had signed an appeal along with nine other MPs before the Constitutional Council against the 2022 state budget law.