SAWT BEIRUT INTERNATIONAL

| 26 May 2024, Sunday |

Kanaan: “To determine monthly withdrawals’ size with a better exchange rate.”

The Finance and Budget Committee held a session headed by Representative Ibrahim Kanaan, to listen to the Ministry of Finance, the Banque du Liban and the Association of Banks, regarding the exchange rate for monthly withdrawals from banks.
After the session, Kanaan, announced that “we do not have any rigid proposal for the exchange rate, but we ask why the 3900 withdrawals that was approved since April 2020, is still fixed till today, knowing that the black-market dollar continues to rise?”
He believed that “what is required is to determine the size of the monthly withdrawals, but with giving the depositor a better exchange- rate, adding ” If the Capital Control Law had been issued, we could have spared lots of issues, and the would  have held part of the responsibility for the situation we are living today.”
“We have asked the Banque du Liban to draw a vision for the future, and we are asking the government, which we hope will be born soon, a plan for discussion, “Kanaan added.
He indicated that “the Lebanese depositor is the one who pays the price for the continued rise in the exchange rate on the black- market, and this must stop.”
Kanaan pointed out that “the government, through the Minister of Finance, agrees on adjusting the exchange rate for depositors’ monthly withdrawals, the atmosphere is serious, and the Finance Committee is pushing in the direction of preserving the minimum rights of the people.”