The Lebanese Council of Ministers passed, at its session, today, Saturday, the draft law restructuring the banking sector. According to the National Information Agency in Lebanon.
For his part, Lawyer Paul Marqus said, “We will achieve within a few weeks a reform package needed by Lebanon, its economy, and its banking cutting, especially the small authorities.”
Morcos stated that the government had previously approved a draft law aimed at making amendments to the banking confidentiality law as a necessary condition for accounting, explaining that the money of depositors, especially small depositors, enjoys the draft law that today approved priority in protecting deposits.
It should also be noted that deposits in the banks belonging to the National Social Security Fund and the National Conservation Corporation and the funds for mutual and retirement funds belonging to judges, unions, schools, universities and deposits belonging to the army and security forces are guaranteed and reserved.
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It is noteworthy that Lebanon has been suffering from an economic crisis since 2019 that has had repercussions on various sectors, and needs financial support, but it is required to make financial and economic reforms that include restructuring the banking sector, and restoring the confidence of the international community and donors.
