The Council of Ministers approved, in its session on Saturday, the draft law for restructuring the banking sector.

Followed the session, which lasted more than four hours, Minister of Information Paul Morcos said, “Within a few weeks, we will achieve the reform package that Lebanon, its economy, and its banking sector need, especially the small depositors.”

“The government will now focus on preparing a draft law to address the financial gap, which will allow for a rebalancing of financial regulation,” he added.

Morcos stated that “the government had previously approved a draft law aimed at amending the banking secrecy law as a necessary condition for accountability.”

He explained that “the funds of depositors, especially small depositors, enjoy priority in the draft law approved today in protecting deposits.”

Source: NNA