Capital control debate adjourned over Salameh's absence

A parliamentary committees session to discuss the long-awaited capital control law was adjourned Monday due to the absence of Central Bank Governor Riad Salameh, Deputy Speaker Elias Bou Saab said.

“Bou Saab asked Central Bank Vice Governor Alexandre Mouradian to leave the session of the joint committees, demanding the personal presence of Governor Riad Salameh in the session,” al-Jadeed TV reported.

Bou Saab said the joint committees will convene anew on Tuesday morning to discuss the draft law.

Speaking during the session, Free Patriotic Movement chief MP Jebran Bassil decried that “there is a political will not to approve the capital control law.”

“The law should have been passed three years ago,” he added, charging that “a number of banks are still transferring money to abroad selectively and arbitrarily and to the benefit of influential figures.”

Bassil also suggested limiting the law temporarily to the issue of foreign transfers in order to bypass the dispute over domestic withdrawals.

The discussion of the capital control draft law had been postponed several times during previous sessions due to the refusal to pass it by the majority of MPs without the approval of an economic recovery plan that would protect both depositors and banks.

The law would regulate both deposit withdrawals and transfers.

It is one of the most important steps demanded by the International Monetary Fund for signing a final agreement with Lebanon.