Introduction
The banking sector has suffered since late 2019 without serious measures taken from previous governments to start solving the banking crisis. Several plans were prepared by previous governments that were directed towards deposits’ return more than bank restructuring, noting that deposits’ return plans were also not fair with depositors. The current Government started the first step in a long journey of financial and administrative reforms. In addition to the administrative reforms that are in process in many ministries, the Bank Secrecy and Banks Restructuring laws were issued by the Lebanese Parliament recently. In this spotlight, we will address the remarks by Central Bank (CB) Governor Mr. Karim Souaid in his legal study presented to the Finance and Budget Committee in Lebanese Parliament related to the draft law prepared by the Council of Ministers. In addition, we will be tackling the main points presented in the issued law and, lastly, the main comments of IMF on this law.
For the full report, click on the link below: