Lebanese Parliament moves to protect bank deposits

Parliament launched legislative actions to protect deposits in Lebanese banks, stressing its commitment to standing up to any measures that would affect depositors whose protection has become an “absolute priority”.

The head of the parliamentary administration and justice committee, MP George Adwan, emphasized an “utmost priority” to protect depositors and deposits, adding that every effort should be deployed in this direction.

“The way of dealing with this file cannot take place through small daily measures, but rather through a comprehensive monetary and fiscal policy, proposed by the government. Parliament will then assume a monitoring role and hold the government accountable on this basis,” Adwan said following the committee’s meeting on Tuesday.

In remarks to Asharq Al-Awsat, MP Ghazi Zoaiter, said that the committee’s position was approved by all concerned parties, including central bank Governor Riad Salame and the head of the Lebanese Banks Association, Salim Sfeir.

He added that the parliament would spare no legislative means to protect the depositors’ money.

“Parliament has the authority to enact laws. If the protection of deposits and depositors requires legislation, we will not spare any effort in this regard,” he remarked.

Meanwhile, Mahmoud Mrad, the head of the Money Exchangers Association, said that an understanding was underway with Salame to fix the US dollar price at LBP 2,000.

Mrad met with Prime Minister Hassan Diab on Tuesday to update him on latest contacts to address the economic crisis.

ASHARQ AL AWSAT