Bou Saab: Capital control law to be put aside after approval

The Joint Parliamentary Committees have agreed to “put the capital control law aside after approving it pending the adoption of the rest of the laws that are related to the recovery plan,” Deputy Speaker Elias Bou Saab announced on Monday.

“We passed Article 4 of the capital control law and the discussions are now limited to exemptions,” Bou Saad said after a parliamentary committees session.

“This law will not write off the deposits but is rather aimed at restoring confidence in the banking sector,” the Deputy Speaker added.

“We cannot besiege the banks with the capital control law so that they don’t declare bankruptcy, seeing as the objective is to return the money of the depositors,” Bou Saab went on to say.

Calling for the presence of “a government that would follow up on depositors’ situations and a president who would continue addressing the situations, because all things in Lebanon are connected,” Bou Saab pledged that MPs “will not despair” until they find a solution.

He also said that discussions would be continued Tuesday at 10:30 am.