Protest in Lebanon against capital control draft bill

People, whose bank deposits have been frozen for two years by the government, stage a protest in front of the Parliament building in Beirut, Lebanon on 22 April 2022 [Hussam Shbaro/Anadolu Agency]

Dozens of Lebanese citizens protested in front of the parliament building yesterday in the centre of the capital, Beirut, against a “capital control bill” which was to be discussed, Anadolu reported.

Protesters raised banners condemning “the corrupt political, financial and banking class.”

Prime Minister Najib Mikati: Lebanon heading towards collapse – Cartoon [Sabaaneh/Middle East Monitor]

The parliament session dedicated to discussing the draft law did not take place due to a lack of quorum as a number of parliamentary blocs rejected the law.

The capital control bill aims to establish exceptional and temporary controls on bank transfers and cash withdrawals and adds restrictions on the amounts that individuals and companies can withdraw from their accounts.

Protesters said “the parliament is trying to legislate theft by trying to protect banks through the Capital Control Law.”

They fear the bill “prevents transfering funds, prevents any lawsuit against banks, and limits withdrawals, regardless of the size of the deposit.”

Lebanon has been suffering an unprecedented economic crisis that led to a record collapse in the value of its currency against the dollar.

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