Lebanon's cabinet approved a draft law aimed at addressing the country's ongoing financial crisis, which began in 2019. The proposed legislation, known as the "gap law," seeks to restore depositors' access to funds that have been largely inaccessible since the Lebanese currency began its steep decline.
The crisis, which saw the Lebanese Lira lose 98 percent of its value, prompted banks to impose strict withdrawal limits, effectively locking depositors out of their accounts. The situation became so dire that some individuals resorted to holding up bank branches in an attempt to retrieve their own money.
The "gap law" is expected to be signed by the prime minister and president before being submitted to parliament for debate. Details of the policy include [specific policy details from source material if available, otherwise indicate that specific details were not available in the source material].
The Lebanese government hopes the law will help to stabilize the economy and restore confidence in the banking sector. However, the proposal faces scrutiny and debate in parliament, where various political factions hold differing views on the best approach to resolving the financial crisis.
The law's passage is not guaranteed, and its effectiveness will depend on various factors, including the cooperation of banks and the overall economic situation in Lebanon. The coming parliamentary debates will be crucial in shaping the final form of the legislation and determining its potential impact on the country's financial future.
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