Lebanon updates bank law amid legislation

The article discusses amendments to the Lebanese Banking Law and its alignment with the International Monetary Fund's requirements, aimed at addressing Lebanon's banking crisis. The report indicates that the amendments include reducing the powers of the Central Bank Governor and strengthening the role of the Higher Banking Council to ensure proper handling of troubled banks and the protection of depositors. These amendments were approved after international pressure, with the government acknowledging that the law is part of a broader set of reforms, including audits of bank and state assets, to ensure a fair distribution of burdens and prevent depositors from bearing the full responsibility. The project has faced delays due to political and technical reasons, with an agreement that responsibility is shared among the state, the Central Bank, and the banks, with the Central Bank Governor emphasizing the need for all parties to bear their fair share of responsibility for the crisis.

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