Bou Saab: Capital control law on right track

The capital control draft law that is being discussed by the joint parliamentary committees is on the “right track,” Deputy Speaker Elias Bou Saab said on Wednesday.

“We have discussed the draft clause by clause and it needs drastic amendments in many points,” Bou Saab said after a committees session.

“The discussion is on the right track and today the third article related to the committee that will oversee the implementation of the law nearly consumed all the time,” Bou Saab added.

He clarified that the two pending items are “defining the new funds and the lawsuits filed against the banks.”

“I do not agree that the capital control law is against depositors’ rights and I will continue my main objective, which is carrying on with the discussions until the law is finalized by the joint committees,” Bou Saab went on to say.

He also noted that “a significant number of MPs have demanded that the law be returned to the government, refusing any discussion, as others consider that it’s too late while a third group want discussions with the necessary amendments.”