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bankingNovember 15, 2022

Bou Saab says capital control law shouldn't be 'put in the drawer'

Deputy Speaker Elias Bou Saab on Monday charged that “some banks are still transferring money” to abroad based on some clients’ “favoritism and ties to bank owners.”

“Capital control prevents selectivity,” Bou Saab added, after a meeting for the joint parliamentary committees.

“Seriousness will begin tomorrow at 10:30 am,” Bou Saab went on to say, referring to a joint parliamentary committees session to which Central Bank Governor Riad Salameh has been invited. The session was adjourned last week due to Salameh’s failure to show up.

“I do not accept to be a partner in hiding laws in drawers and let MPs shoulder the responsibility of their decision,” Bou Saab said, stressing the need to “approve the capital control law and hold banks responsible.”

He added: “We are working on the depositor’s interest and we are preserving it… Whenever we reach the capital control article in the sessions of the joint committees, the discussion gets obstructed.”

MP Alain Aoun meanwhile said in a radio interview that “legislation can continue without the presence of Central Bank Governor Riad Salameh.”

“The capital control fate is not hinging on his attendance or absence,” he added.