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Lebanon’s Cabinet on Wednesday approved a long-delayed draft capital control law that still requires final approval from parliament amid a worsening financial crisis now in its third year, Information Minister Ziad Makari said in televised remarks following the session. Continue reading here

A Lebanese judge on Thursday instructed customs authorities to prevent six banks from moving money out of Lebanon, according to a copy of the decision seen by Reuters, taking further steps against lenders whose assets she has already ordered frozen. Continue reading here.

Lebanese-British dual nationals say that Bank Audi is pressuring them to sign waivers forfeiting the right to withdraw foreign currency – or risk losing their accounts. Continue reading here.

Lebanon’s banking association said on Monday it opposed proposals set out in a draft government plan reported by Reuters last week for tackling the financial crisis, saying they would cause a long loss of confidence in the financial sector. Continue reading here.

A British court ruled on Friday in favour of a Lebanese bank in a case brought by a depositor barred from transferring funds abroad because of capital controls in place since Lebanon’s financial system collapsed in 2019.

Lebanon’s central bank said on Thursday it had set a new rate of 8,000 Lebanese pounds to the US dollar for withdrawals from bank deposits denominated in dollars but which can now only be accessed in the local currency.

Lebanese bank depositors are likely to face a financial hit in order for the country’s banks to absorb the cost of the country’s debt restructuring, S&P Global said in a new report.

The old-style way of running the economy – attracting capital via investments from the diaspora – created the sixth-largest banking system by assets in the world relative to GDP, with deposits swelling to about 280% of annual economic output.