The facade of the Bank of Lebanon with graffiti presumably left by a group supporting the depositors' cause, on January 30, 2025. (Credit: P.H.B./L'Orient Le-Jour)
Amid Prime Minister Nawaf Salam’s efforts to form a new government, the banking resolution project — rejected by Najib Mikati’s caretaker cabinet in early January and later entrusted to his deputy, Saadeh Chami, for further revisions — appears to have been placed on hold.At this juncture, Farid Boustany, an MP aligned with the Free Patriotic Movement, has introduced a new bill to Parliament aimed at securing the restitution of billions of dollars in deposits frozen by restrictions imposed by Lebanon’s banking sector since the onset of the 2019 financial crisis.The proposal, developed "over a period of around two years by a team of lawyers and bankers," was finalized just over three weeks ago, Boustany, who also chairs the parliamentary Economy Affairs Committee, told us. He said the proposal has received "a lot of positive feedback," and...
Amid Prime Minister Nawaf Salam’s efforts to form a new government, the banking resolution project — rejected by Najib Mikati’s caretaker cabinet in early January and later entrusted to his deputy, Saadeh Chami, for further revisions — appears to have been placed on hold.At this juncture, Farid Boustany, an MP aligned with the Free Patriotic Movement, has introduced a new bill to Parliament aimed at securing the restitution of billions of dollars in deposits frozen by restrictions imposed by Lebanon’s banking sector since the onset of the 2019 financial crisis.The proposal, developed "over a period of around two years by a team of lawyers and bankers," was finalized just over three weeks ago, Boustany, who also chairs the parliamentary Economy Affairs Committee, told us. He said the proposal has received "a lot of positive...
