Parliamentary Finance Committee Amends Bank Reform Law and Affirms Understanding with International References

The head of the Parliamentary Finance and Budget Committee, MP Ibrahim Kanaan, announced after a meeting of the Finance Committee that "we amended Article 3 in an acceptable form under the provisions of the Monetary and Credit Law, particularly Article 70, and we discussed and corrected, and we want understanding with the International Monetary Fund and international references, but not at the expense of our understanding, our knowledge, our laws, and the interest of our people," and added "to prevent overlap and obstruction, we clarified Article 13 of the Bank Reform Law in agreement with the government and the Central Bank of Lebanon, and the Higher Banking Commission has all powers regarding bank reform, but it is not a central council, so it does not issue circulars but rather recommends them."

He said "the Deposit Recovery Law is not dormant in the Parliament but is subject to amendment by the government through a committee formed for this purpose, and our demand is serious treatment by securing funding and capabilities to give rights to their owners after auditing state and bank assets."