The International Monetary Fund has announced that proposals to monitor the capital and draw down deposits in Lebanon need to be part of broader policy reforms to be sustainable.
The Fund indicated that there is no need to implement the Capital Control Law, especially without support from appropriate financial, monetary and exchange rate policies.
The Central Bank of Lebanon had announced that depositors of accounts’ holders that existed on October 2019 will be able to receive $400 per month, in addition to its equivalent in Lebanese pounds.
According to the Central Bank, it is scheduled to issue a circular later detailing the decision, which will enter into force on the first of July.
Demonstrators in Beirut had blocked roads with burning tires in response to a bank circular on the State Council's decision to prevent depositors from withdrawing money from their dollar accounts at the fixed exchange rate at 3900 Lebanese pounds to the dollar.
Source (Al-Arabiya.net website, Edited)
