Banking reform: Constitutional Council ruling leaves power struggle unresolved

Banking reform has suffered a fresh setback after the Constitutional Council unanimously upheld an appeal by President Joseph Aoun, annulling Article 3 of Law No. 71, dated Sept. 10, 2026, which amends Lebanon’s bank recovery and restructuring law. It also struck out two phrases in Articles 19 and 27 concerning the power to impose travel bans and immunity for bank employees from legal proceedings. Read more Solidere faces two key tests: Extension to 2054 and shift to ‘fresh’ dollars The ruling, issued on Oct. 20, under Judge Tannous Meshleb, was based in part on a review of the appeal filed on Sept.22, the minutes of parliamentary debates and an audio recording of the session.It does not invalidate the law as a whole. However, by retaining the original wording of Article 3, it leaves unresolved a key dispute over the respective...