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Parliamentary Finance and Budget Committee and Parliamentary Administration and Justice Committee discuss and drop Capital Control Law proposal

Date: 
Monday, December 6, 2021

One item that did not make it to Parliament’s agenda was a draft for a capital control law, which failed to pass a joint committee yesterday. The heads of the legislature’s finance and justice committees sharply criticized the latest draft of the long-awaited capital control law, which has been in the works for over two years. Discussions were postponed at the previous joint committee session, held on December 1, due to unresolved issues with the International Monetary Fund regarding the capital controls issue. The draft, introduced by MP Nicolas Nahas (Azm Movement/Tripoli) contains articles that consolidate power in the hands of the central bank. Nahas is, unofficially, part of Premier Najib Mikati’s negotiating team with the IMF. The draft would also retroactively legalize large transfers outside the country made by elites while ordinary citizens watched the value of their deposits crumble.

 

Acting Bodies: 
Lebanese Parliament
Type: 
Laws
Categories: 
Economic measures (State budget, rent law, wages...)
Impact: 
National
Status: 
Rejected
Civil Society Response: 
Contested