A bank branch in a street in Jounieh, in January 2024. (Credit: P.H.B./L'Orient-Le Jour)
On March 27, the Cabinet passed an amendment to the banking secrecy law, which was transferred to Parliament on April 2. It seems determined to fulfill its commitment to the International Monetary Fund (IMF) in a bid to secure a new agreement, given that the one concluded in 2022 is no longer valid.The Finance Ministry finalized a draft law on the banking sector’s restructuring, which is expected to be submitted to the Cabinet this Friday or, if delayed, at the next session. The bill is one of two pieces of legislation — alongside the banking secrecy reform — that the IMF had requested be passed by the end of April as a gesture of good faith.The unusually fast timeline is largely due to the fact that this version — which L’Orient-Le Jour has reviewed in a copy dated March 27 — draws heavily from a draft prepared in 2022–2023 by former...
On March 27, the Cabinet passed an amendment to the banking secrecy law, which was transferred to Parliament on April 2. It seems determined to fulfill its commitment to the International Monetary Fund (IMF) in a bid to secure a new agreement, given that the one concluded in 2022 is no longer valid.The Finance Ministry finalized a draft law on the banking sector’s restructuring, which is expected to be submitted to the Cabinet this Friday or, if delayed, at the next session. The bill is one of two pieces of legislation — alongside the banking secrecy reform — that the IMF had requested be passed by the end of April as a gesture of good faith.The unusually fast timeline is largely due to the fact that this version — which L’Orient-Le Jour has reviewed in a copy dated March 27 — draws heavily from a draft prepared in...