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The decree carried No. 193 on October 16, 2020 and stipulates that “banks operating in Lebanon must spend an amount of 10,000 US dollars, according to the official dollar exchange rate, for the academic year 2020-2021 for university students studying abroad before 2020-2021, and for banks. Make a one-time financial transfer of a value not to exceed $ 10,000 for each Lebanese student enrolled in universities and higher technical institutes outside of Lebanon from their accounts or the accounts of their parents in foreign or national currency according to the official exchange rate of the dollar (1515) after confirming the presentation of a statement of account Registration, attestation of payments before December 31, 2019 and current housing lease contract, or receipt of the last monthly payment.
The director of the Banking Association, Salim Sfeir, told “Al-Akhbar” that “securing the student dollar is one of the things that I have personally tried to achieve, and it is an issue of particular concern for the banking sector, despite my belief that the amount may not be enough, but it’s a good start. We, as a state, the banks and the families of the students, have to cooperate with each other to overcome the ordeal. ” He stressed that “the banks are committed to the circulars of the Banque du Liban and the laws in force”, noting that “there are multiple methods to transfer funds abroad, and the Banque du Liban is the authority in charge of organizing transfer operations, since either through banks or other financial institutions ”.
Although it is expected that the decree will be issued this Thursday in the Official Gazette and will enter into force without the need for any circulation, the sources of the students’ families do not hide their concern about “the challenges that may hinder the implementation and will waste the effort of 9 months, “noting that” the Parents Association will seek to protect The decree is against any exploitation such as the expansion of the area of the beneficiaries in preparation for their booby-trapped, pointing out that the number of students ranges between 7 one thousand students and a maximum of 10 thousand students, at a cost that does not exceed 60 million dollars.
Once the decree has been issued in the Official Gazette, it enters into force without the need for any of the parties to circulate.
The association will prepare an action plan to keep pace with the implementation, which will include all forms of action, including demonstrations against banks that are in default. The association had requested 15 days ago to meet with the president of the Association of Banks to know the implementation details. People are betting, according to sources, on the words of the Speaker of Parliament, Nabih Berri, to support them in any lawsuit they may bring against any bank that does not comply with the implementation of the decree. They are also based on a promise made by the Governor of the Banque du Liban, Riad Salameh, to political components, including the Free Patriotic Movement and Representative Bahia Hariri, to follow up on the file with the banks.
The fear of the people derives, according to the sources, that the banks violate the constitution in all the mechanisms in which they treat depositors in terms of preventing them from the right to dispose of their money as a property right, and nothing prevents them from repeating that with his decree. They do not yet know how to deal with those who do not have bank accounts, as no clear procedures have been issued in this regard. There are also questions about the fate of hundreds of university students in countries covered by US sanctions, especially those without an educational scholarship.
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