Parents of Lebanese students abroad protest outside the French Embassy in Beirut in May. (Credit: NNA)
BEIRUT — Parents of Lebanese students abroad issued a statement on Wednesday denouncing officials for failing to implement a law that would enable them to transfer up to $10,000 to their children at the official exchange rate in order to pay foreign university fees and enable them to continue their education.
What we know:
• In October 2020, Parliament adopted the so-called student dollar law, which stipulated that depositors at commercial banks can transfer up to $10,000 to their children who are studying abroad at the official exchange rate of about LL1,500 to the US dollar.
• The law has still not been implemented despite periodic protests from families, as well as a December circular from Banque du Liban requesting that commercial banks implement the law.
• The families’ statement on Wednesday decried “the blatant negligence and timid work of those responsible” for the plight of students abroad, accusing them of not caring about their pain.
• The statement also said the families had spoken with Parliament Speaker Nabih Berri, who it said had recommended they pursue legal action against banks for failing to implement the law. It also called on the judiciary to investigate current complaints against banks by way of safeguarding their children’s future.