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bankingJanuary 17, 2023

Parliamentary committees approve capital control law

The Joint Parliamentary Committees on Monday approved the capital control draft law and referred it to parliament for a final vote, Deputy Speaker Elias Bou Saab said.

“The discussion was beneficial and a final format of the law was adopted,” Bou Saab said after the session.

“I’m optimistic that the economic crisis in Lebanon has a solution and no one is legislating the writing off of depositors’ money, but we must approve laws in a rational way in which we would preserve our economy and banks,” the Deputy Speaker added.

“If banks go bankrupt we will lose everything and the state must bear the burdens,” Bou Saab went on to say.