Banking reform law nearing completion

The article discusses the proposed amendments to the Law for Reforming the Banking Sector and its Reorganization in Lebanon, with particular focus on the establishment of the Higher Banking Authority and its second chamber. The amendments suggest adding an economic expert to the authority, a move that has sparked debate among parliament members, with some believing it to be unnecessary and an additional intervention, while others see it as essential for enhancing expertise within the authority. The law aims to strengthen the stability of the banking and monetary system and grants it authorities to handle distressed banks, emphasizing the continued role of Banque du Liban in maintaining financial stability. The Finance and Budget Committee is currently discussing these amendments, which are expected to be submitted to the parliament for approval after the review is completed. It is also noted that the implementation of the law is linked to a review of the deposit recovery law.

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