Aoun Signs 'Student Dollar' Law Approved by Parliament

W460

President Michel Aoun has signed the so-called “Student Dollar” law that has been approved by parliament, the Presidency announced on Monday.

The president inked the bill on Friday and the law will enter into force once published in the official gazette.

The law obliges Lebanese banks to dispense $10,000 according to the official exchange rate (LBP 1,515 to the dollar) to every Lebanese student who enrolled in a foreign university or technical institute prior to the 2020-2021 academic year.

The amounts would be paid from the students’ accounts or from the accounts of their parents in Lebanese banks. Those who do not have bank accounts can also benefit from the measure.

Any beneficiary will have to present the following:

- A current enrollment certificate from the university or technical institute

- A certificate of payments to the university of technical institute in the periods before 31/12/2020

- A copy of the current residential rent contract or of the receipt of the last monthly payment

The Lebanese currency has dropped by 70% compared to the end of last year amid a severe financial and economic crisis -- the worst in Lebanon's modern history.

SourceNaharnet
Comments 2
Missing opinion101 19 October 2020, 21:51

How about the Lebanese dollar law? How dare these banks hold our savings hostage? The reputation of lebanese banks has been ruined forever as a result of their actions.

Missing britrich 20 October 2020, 12:04

The reputation will only come back when banks will have tied up with reputable solid foreign banks and their top management is completely overhauled. There’s no other way.