Lack of quorum forces postponement of parliament session on transferred funds
A session for the joint parliamentary committees was postponed Wednesday due to lack of quorum, Deputy Speaker Elie Ferzli announced.
The session was supposed to tackle a draft law aimed at recovering funds transferred out of Lebanon in the wake of the Oct. 17, 2019 uprising.
Lebanese banks have imposed informal capital controls since the economic crisis began in October 2019 after decades of corruption and mismanagement by the country's political class. Since then, people do not have full access to their savings and those who withdraw cash from their U.S. dollar accounts get an exchange rate far lower than that of the black market.
Some banks are meanwhile accused of bypassing those exact same capital controls by helping the political elite squirrel billions of dollars overseas.
Source: Naharnet
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