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The law comes into force after the President of the Republic signs it and the Governor of the Banque du Liban, Riad Salameh, issued a circular requesting the transfer of funds through banks and not through exchangers.
Al-Akhbar learned that Salameh promised to implement before the Vice Speaker of Parliament, Elie Ferzli, a delegate of President Nabih Berri to verify solvency.
Parents who do not have bank accounts are waiting, according to Sami Hammeh, a member of the association, to transfer money to their children through banks and not through exchangers, and the experience will not be repeated in terms of non-compliance with the circulars of the Banque du Liban. And in case the banks did not comply with the law, Hamiyah confirmed that the association would resort to the judiciary, noting that “we were able to take the project to safety after being removed from political tensions, quotas and exploitation by part of the merchants ”.
The General Assembly of the Representative Council approved the law, modified by the mixed parliamentary committees, and stipulates “to oblige banks operating in Lebanon to spend $ 10,000, according to the official dollar exchange rate, for the 2020-2021 academic year for university students studying abroad before 2020. – 2021, and banks must make a financial transfer, the value of which does not exceed 10 thousand dollars, and once for each Lebanese student enrolled in universities and higher technical institutes outside of Lebanon of their accounts or the accounts of their parents in foreign or national currency according to the official exchange rate of the dollar (1515) after Verification of the presentation of a registration statement, an affidavit of payments before December 31, 2019 and the current housing lease contract, or a receipt for the last monthly payment.
The Governor of the Bank committed to the Chairman of the Board to implement the law
The student family movement began with the onset of the dollar crisis and went through various stages of demanding the adoption of college dollars and lifting restrictions on bank transfers. Later, they joined a monitoring committee, and then the “Association of Parents of Students Abroad”, which obtained knowledge and news from the Ministry of the Interior. The assembly prepared the redundant expedited bill that was adopted by the Al-Wafa Resistance Bloc and presented it to Parliament before it was approved by the other parliamentary blocs.
Previously, the Banque du Liban had issued a group of circulars that did not provide solutions to students due to the complications it imposed regarding the required documents. The last of these circulars allows the transfer of funds abroad from accounts in foreign currency, in addition to some conditions, among them that the student must be registered in an educational institution abroad before the end of 2019, and that they present documents that prove the value of the fees, the rental subsidy, among others. The circular found objections from the Parents Association, because the percentage of parents who have dollar accounts does not exceed 5%.
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