Joint parliamentary committees resume debate over capital control law

Depositors and activists rallied Monday near Parliament to protest a capital control law as joint parliamentary committees discussed it today.

The committees had convened last week to discuss the law, completing six clauses. They decided to resume the talks today, Monday.

On Monday, the committees completed eleven clauses, Deputy Speaker Elias Bou Saab said, adding that the discussion will resume next week during two sessions on Tuesday and Wednesday.

Bou Saab said that the most important clause will be discussed during next week's session. It's about forming a special committee to supervise the implementation of the capital control law.

The adoption of a capital control law is one of the reforms requested by the International Monetary Fund to financially help crisis-hit Lebanon, but some MPs consider it unfair to the depositors.

Depositors considered the law as "a veiled amnesty law" for "the thieves of public and private money."

Since October 2019, banks have been imposing informal capital controls, barring depositors from reaching into their dollar accounts, as well as stopping transfers, amid a severe financial crisis.

Free Patriotic Movement chief Jebran Bassil considered last week that some banks are still making "selective" transfers overseas because the capital control law hasn't been approved yet.

The capital control law will impose official restrictions on transfers and withdrawals.

In the past months, many armed depositors have stormed banks demanding funds from their locked savings account. The majority needed their money for urgent medical bills.

Also on Monday, a depositor called Hussein Ramadan stormed a bank in Beirut's al-Malla area.

Bou Saab voiced his support for the depositors. "I am one of them," he said. "We are here to take a decision that will protect their rights," he added.

Last Tuesday, Hezbollah MP Ali Fayyad said that it is possible to make drastic amendments to the law and that his bloc will defend the depositors' rights.

Lebanese Forces MP Georges Adwan also said that his bloc will defend the depositors' right, as he voiced support for the capital control law.