Bassil Urges Approval of Capital Control Law, Bill for Recovering Transferred Funds

W460

Free Patriotic Movement chief Jebran Bassil on Thursday urged parliament to approve a capital control draft law and another for recovering funds transferred abroad in a suspicious manner despite informal capital controls imposed by the banks.

“Together with Parliament Speaker Nabih Berri, we have reached a capital control draft law to control the transfer of funds to abroad,” Bassil tweeted.

“Its approval will prevent selective transfers in the future, but what about the previous period, when the Lebanese were deprived of withdrawing their deposits? We have submitted a law for recovering the transfers and we hope it will be approved in the next session,” the FPM chief added.

“We are waiting to see who will support it,” he went on to say.

Faced with a grinding U.S. dollar liquidity crisis, Lebanon's banks have since September imposed increasingly tight restrictions on dollar withdrawals and transfers abroad in an attempt to conserve dwindling foreign currency reserves.

Activists say ordinary depositors are footing the bill for a liquidity crisis worsened by politicians, senior civil servants and bank owners who used their influence to get their hefty savings out of the country.

Many of the country's top leaders own, or have large shares in, several banks.

SourceNaharnet
Comments 14
Thumb eagledawn 21 May 2020, 21:48

"the_roar:
Ladies and Gentlemen: Today you have just listened to the future president of Lebanon. Learn people, learn!"

Thumb eagledawn 21 May 2020, 21:49

"libanaisresilient 4 hours ago
Long live Bassil the future President of Lebanese republic!"

Thumb eagledawn 21 May 2020, 21:49

"constantine 1 hour ago
Without the FPM at the helm there would be no Lebanon.
Lebanon would be a province of ISIS reporting to Riadh.
The reason why Minister Bassil is being subjected to harsh criticism by thieves and traitors to stop him from taking their riches and beating them in the national treasury."

Thumb eagledawn 21 May 2020, 21:50

"constantine 12 minutes ago
Allah yi7meek President Bassil"

Thumb eagledawn 21 May 2020, 21:50

libanaisresilient 13 hours ago
OMG another big step towards the Presidency! Long live Bassil! You're the Man!

Thumb eagledawn 21 May 2020, 21:50

constantine 7 hours ago
The voice of justice.

Thumb eagledawn 21 May 2020, 21:51

"libanaisresilient 23 minutes ago
You're the man!!! Keep it up"

Thumb eagledawn 21 May 2020, 21:52

"the_roar:
God Bless the only true Lebanese Party.....FPM !
They shall not waver no matter what...Only Party trying to serve the people
No wonder they are hated by all the other leaders."

Thumb eagledawn 21 May 2020, 21:52

"sophia_angle 2 hours ago
Lebanon is rising ...stay tuned! GMA time :)"

Thumb thepatriot 21 May 2020, 23:36

Ahahahahahaha...
A law to recover the funds drafted by... Berri and Bassil!!! Ahahahahahaha....

Thumb enterprise 22 May 2020, 06:18

The irony!!!

Missing cedars 22 May 2020, 06:53

The thieves making law..one from the electricity and the other from every aspect of so called government institution for the last 30'years.

Yesterday you went on public TV to call him 'Baltaji' and the farm boys stormed the FPM in hazmieh, it turns out: alike birds always fall from the sky in the same fashion.

Thumb LongLiveLebanon 23 May 2020, 09:14

Bassil is one of the country's leading crooks, he should be sidelined once and for all, before being duly prosecuted, as should be other highly suspicious politicians and high civil servants.

Thumb LongLiveLebanon 23 May 2020, 09:14

Bassil is one of the country's leading crooks, he should be sidelined once and for all, before being duly prosecuted, as should be other highly suspicious politicians and high civil servants.