Banking Reform Article 3: Who Reversed Monetary Law Power
The article addressed Article 3 of Lebanon's Banking Reform Law, indicating that the voting on it was based on an amendment that removed a portion of the bill related to Article 70 of the Monetary and Credit Law, without nullifying the legal reference for this article. The article emphasizes that this change led to the application of international standards without establishing a fixed legal reference, which endangers the sovereignty of Lebanese laws, especially since the Monetary Law remains the main legal framework for banking operations in the country. It also highlights that the lawsuit filed by President Jozef Aoun focuses on this amendment, with the Constitutional Court's upcoming review of its validity. Additionally, it notes that the vote was not officially documented, and there are discrepancies between the actual vote and the published version, undermining the legitimacy of the text and raising concerns about potential impacts on the stability of the Lebanese financial system.
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