The headquarters of the Association of Banks of Lebanon after the explosion of the Port of Beirut. Photo Credit:
The headquarters of the Association of Banks of Lebanon after the explosion of the Port of Beirut. Photo Credit:

The Association of Banks in Lebanon indicates that $ 240 million was transferred during the period 2019-2021 in favor of 30,000 Lebanese students based abroad. The latter fulfilled the applicable conditions and benefited from these transfers, indicates the ABL.

As a reminder, the Lebanese banks unilaterally established an informal capital control in November 2019 despite the various circulars of the Banque du Liban providing for an exception on this subject, due to significant financial difficulties, prohibiting the transfer of funds to the abroad, in particular for the benefit of students who are educated in foreign schools or universities.

On September 30, the parliament adopted a law allowing the transfer of funds to foreign establishments of Lebanese students already present there or on proof of invoice for rental of accommodation up to the threshold of USD 10,000. annually.

This law came into force on October 19 after the President of the Republic signed the decree establishing it.

Faced with the law, the Lebanese banks replied that only a decision of the Banque du Liban could oblige them to do so, obliging the governor of the Banque du Liban Riad Salamé to publish the circular 13297 calling on the banking establishments to respect the law 193 adopted on the 14th. October 2020 establishing a student dollar, this after several demonstrations, in particular in front of the headquarters of the central bank.

For the time being, Lebanese banks generally refuse to apply the new legislation, without the Banque du Liban – as the supervisory body of the latter – yet intervening to force them to do so, leading the parents of Lebanese students to leave. foreigner to regularly demonstrate and challenge local leaders.

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