News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
28
o
Bekaa
19
o
Keserwan
29
o
Metn
29
o
Mount Lebanon
22
o
North
29
o
South
28
o
Live
Video
Audio
Schedule
shows
العربية
watching now
The Stage
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
28
o
Bekaa
19
o
Keserwan
29
o
Metn
29
o
Mount Lebanon
22
o
North
29
o
South
28
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
What is banks actual stance on Capital Control law?
Lebanon Economy
2022-12-07 | 13:40
High views
Share
Share
What is banks actual stance on Capital Control law?
Watch now
More details about online video viewing packages
3
min
What is banks actual stance on Capital Control law?
Banks are accused of opposing the Capital Control project in one place while supporting it in another based on their interests at a time when it is still stalled in parliamentary committees. Its approval has been postponed for three years.
Banks are also accused of wanting to continue transfers abroad. Fadi Khalaf, Secretary-General of the Association of Banks, responds to this by stating that any future transfers abroad cannot be in the banks' favor since they are currently having their viability evaluated by international and regulatory bodies according to their liquidity in foreign currencies.
Therefore, any transfers abroad will undoubtedly reduce its foreign currency liquidity and endanger its continuity.
In a review of this discussion, the banks support using the Capital Control Law to halt transfers abroad.
Clarifying the fact that banks oppose the Capital Control because they do not have enough to pay a thousand dollars a month, Khalaf says: Most banks may not currently have sufficient liquidity to pay a maximum of $1,000 per month, but banks continue to implement Circular 158 according to the following equation:
800 US dollars, half of which is in Lebanese Lira and the other half in US dollars in cash based on 200 dollars secured by the Central Bank and 200 US dollars that the banks secure from their liquidity.
Therefore continuing the application of Circular No. 158 remains the closest to possible. Everything else is far from reality, and banks will not be able to adapt to it.
This implies that the banks disagree with the Capital Control Law's $1,000 withdrawal cap, making it abundantly clear that they cannot support it.
According to Khalaf, the reason why banks want capital control is that some of the large depositors who live abroad are the ones who succeed in their legal battles against the banks, which causes the banks to lose liquidity that is supposed to be distributed equally to all depositors under Circular 158.
He asserted that allowing a small number of non-resident depositors to assume the rights of small depositors who lack the financial means to pay the costs of international lawsuits is entirely discretionary and can be referred to as large depositor lawsuits against small depositors. He also pointed out that the best way to address discretion is by preserving little liquidity, despite its scarcity with banks, to be used to pay deposits through Circular 158.
Breaking Headlines
Lebanon News
Lebanon Economy
News Bulletin Reports
Banks
BDL
Lebanon
Next
Fuel prices rise in Lebanon
Recommended For You
d-none hideMe
0
Lebanon Economy
02:19
Fuel prices decrease in Lebanon
Lebanon Economy
02:19
Fuel prices decrease in Lebanon
0
Lebanon Economy
2024-07-23
Lebanon's rating unaffected by Fitch's decision, confirms Acting BDL Governor to LBCI
Lebanon Economy
2024-07-23
Lebanon's rating unaffected by Fitch's decision, confirms Acting BDL Governor to LBCI
0
Lebanon Economy
2024-07-23
Fitch Ratings confirms Lebanon's 'Restricted Default' status and withdraws ratings
Lebanon Economy
2024-07-23
Fitch Ratings confirms Lebanon's 'Restricted Default' status and withdraws ratings
0
Lebanon Economy
2024-07-23
Fuel prices decrease across Lebanon
Lebanon Economy
2024-07-23
Fuel prices decrease across Lebanon
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
World News
2024-07-03
Biden, Netanyahu expected to meet in Washington in late July
World News
2024-07-03
Biden, Netanyahu expected to meet in Washington in late July
0
World News
2024-07-21
Trump's former doctor gives new details on gunshot wound
World News
2024-07-21
Trump's former doctor gives new details on gunshot wound
0
Middle East News
2024-07-23
Energean to invest $1.2 billion to develop Israel's Katlan gas project
Middle East News
2024-07-23
Energean to invest $1.2 billion to develop Israel's Katlan gas project
0
Lebanon News
10:32
The Countdown Is On! Summer's Most Awaited Event: Miss Lebanon, Live Tomorrow at 8:30 PM on LBCI and lbcgroup.tv
Lebanon News
10:32
The Countdown Is On! Summer's Most Awaited Event: Miss Lebanon, Live Tomorrow at 8:30 PM on LBCI and lbcgroup.tv
Videos
d-none hideMe
0
World News
2024-07-21
Full Transcript: Trump's Coordinator of Arab Relations Discusses Plan to Win Arab Voters and Achieve Peace
World News
2024-07-21
Full Transcript: Trump's Coordinator of Arab Relations Discusses Plan to Win Arab Voters and Achieve Peace
0
Lebanon News
2024-07-18
Two dead in Israeli airstrike on Jmeijmeh, south Lebanon (Video)
Lebanon News
2024-07-18
Two dead in Israeli airstrike on Jmeijmeh, south Lebanon (Video)
0
Lebanon News
2024-07-11
Hezbollah's Ibrahim Moussawi to CNN: Regional powers do not seek full-scale conflict
Lebanon News
2024-07-11
Hezbollah's Ibrahim Moussawi to CNN: Regional powers do not seek full-scale conflict
0
Lebanon News
2024-07-09
Hezbollah’s "Hudhud" shows new footage of Israeli sites
Lebanon News
2024-07-09
Hezbollah’s "Hudhud" shows new footage of Israeli sites
0
Lebanon News
2024-06-18
Hezbollah scouts areas in northern Israel: What the hoopoe came back with (Video)
Lebanon News
2024-06-18
Hezbollah scouts areas in northern Israel: What the hoopoe came back with (Video)
0
Lebanon News
2024-06-12
Over 100 rockets launched from southern Lebanon toward northern Israel (Video)
Lebanon News
2024-06-12
Over 100 rockets launched from southern Lebanon toward northern Israel (Video)
0
Lebanon News
2024-06-10
Video shows Israeli drone downing in Iqlim al-Tuffah, South Lebanon
Lebanon News
2024-06-10
Video shows Israeli drone downing in Iqlim al-Tuffah, South Lebanon
0
Middle East News
2024-05-21
Funeral ceremony of the Iranian president begins in Tabriz (Video)
Middle East News
2024-05-21
Funeral ceremony of the Iranian president begins in Tabriz (Video)
0
Lebanon News
2024-05-14
Exclusive LBCI interview: Canadian FM urges ceasefire and Resolution 1701 adherence in Lebanon talks, discusses Canadian support for LAF, UNIFIL
Lebanon News
2024-05-14
Exclusive LBCI interview: Canadian FM urges ceasefire and Resolution 1701 adherence in Lebanon talks, discusses Canadian support for LAF, UNIFIL
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
10:32
The Countdown Is On! Summer's Most Awaited Event: Miss Lebanon, Live Tomorrow at 8:30 PM on LBCI and lbcgroup.tv
Lebanon News
10:32
The Countdown Is On! Summer's Most Awaited Event: Miss Lebanon, Live Tomorrow at 8:30 PM on LBCI and lbcgroup.tv
2
Lebanon News
10:42
US President Biden issues deferred enforced departure for Lebanese nationals, protecting them from deportation for 18 months
Lebanon News
10:42
US President Biden issues deferred enforced departure for Lebanese nationals, protecting them from deportation for 18 months
3
Lebanon News
11:33
US President Biden’s deferred enforced departure for Lebanese nationals is not an indication of imminence of further escalation
Lebanon News
11:33
US President Biden’s deferred enforced departure for Lebanese nationals is not an indication of imminence of further escalation
4
Lebanon Economy
02:19
Fuel prices decrease in Lebanon
Lebanon Economy
02:19
Fuel prices decrease in Lebanon
5
Middle East News
00:05
Rockets launched at Ain al-Asad airbase in Iraq, no casualties
Middle East News
00:05
Rockets launched at Ain al-Asad airbase in Iraq, no casualties
6
World News
06:12
Airport at Franco-Swiss border evacuated for 'security reasons'
World News
06:12
Airport at Franco-Swiss border evacuated for 'security reasons'
7
World News
00:55
Harris urges Netanyahu to alleviate Gaza's suffering: 'I will not be silent'
World News
00:55
Harris urges Netanyahu to alleviate Gaza's suffering: 'I will not be silent'
8
News Bulletin Reports
13:05
War resolution: Netanyahu confronted with ceasefire demands in talks with US leaders
News Bulletin Reports
13:05
War resolution: Netanyahu confronted with ceasefire demands in talks with US leaders
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More