Cabinet approves capital control law after introducing amendments

Cabinet on Wednesday approved the capital control draft law after introducing amendments to it based on the observations of some ministers.

The ministers of Hizbullah and Amal meanwhile objected to the final format of the draft law in terms of the powers of the committee that will look into withdrawal requests, NBN television said.

Below are some of the amendments approved by Cabinet according to LBCI TV:

- Excluding the economy minister from the committee that will oversee the enforcement of the law, while two economists and a judge will be named as members of the committee

- Reducing the law’s duration from five to two years

- Adding university students who study abroad or their parents to the list of parties allowed to transfer money out of the country