SAWT BEIRUT INTERNATIONAL

| 26 September 2022, Monday |

Capital Control’s lie

In all countries of the world, as soon as crises occur, and before the start of transferring funds outside the country, the Parliament convenes and passes the “Capital Control” law to prevent its removal, except in Lebanon, the money has gone out and Parliament is still procrastinating by calling for sessions to discuss Capital Control.

Here is the Capital Control project returning to the fore after the government failed before the parliamentary elections to pass its project that protects banks and gives them legitimacy at the expense of depositors, as it seeks to surreptitiously pass “Capital Control” in order to protect the banks at the expense of the money of the poor and depositors.

We can say that the Capital Control is to protect the banks because most of the money or the huge cash block left the country, and here the banks are today looking for a clearance for everything they committed in the previous period, and at the same time they are looking for protection from the lawsuits that they will face in foreign courts.

The dangerous and unacceptable issue is that the Capital Control text legislated the payment of deposits in Lebanese pounds, and this matter leads to the violation of the rights of depositors.

In the end, many banking, financial and economic experts fear that if the Capital Control Law is passed, the result will be the destruction of the Lebanese economy, and the elimination of any hope for depositors to recover their money that they earned with the sweat of their brow, and state officials are trying to rob it, with a law that says the least is the thief protection law.

 

    Source:
  • Sawt Beirut International