Completing Banking Reform Law

In Lebanon, amendments have been proposed to the banking reform and restructuring law aimed at strengthening financial stability and the banking system. These amendments include the establishment of a higher banking authority composed of two chambers: one exercises the authority of the authority in accordance with Law 28/1967, and the second is responsible for making decisions concerning the reform or liquidation of banks. This second chamber is made up of financial experts, economists, and representatives from the Deposit Guarantee Agency. The International Monetary Fund's approval of some of the provisions is still pending, especially Article 3, while the Finance and Budget Committee is awaiting the final approval of the amendments to present them to Parliament. The objectives of these amendments are to protect deposits, maintain continuity of banking services, and reduce the use of public funds in liquidation processes, all while ensuring the responsibility of the Banque du Liban for the stability of the monetary and financial system.

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