Lebanon allows the transfer of dollars to students studying abroad
The Lebanese parliament passed a law allowing students studying abroad to transfer ten thousand dollars from Lebanon at the official exchange rate, which is much less than the current price, in a move aimed at helping students who are struggling to pay tuition fees abroad amid a deep economic crisis.
The Lebanese parliament passed a law allowing students studying abroad to transfer ten thousand dollars from Lebanon at the official exchange rate, which is much less than the current price, in a move aimed at helping students who are struggling to pay tuition fees abroad amid a deep economic crisis.
The Lebanese banking system has been paralyzed since last year due to a liquidity crisis that has prevented the country from paying its huge debts.
The Lebanese pound collapsed as banks imposed harsh restrictions on withdrawals from bank accounts denominated in dollars, blocked transfers, and slashed card spending limits abroad to levels that in some cases reached $ 15 a month.
This led to a large number of Lebanese students in various parts of the world facing difficulties in paying the fees and in providing for their daily expenses.
Many Lebanese are still skeptical about the possibility of banks performing their duties even under a new law, after a year in which restrictions on transfers were tightened even in the absence of specific legislation.
The value of the Lebanese currency fell in informal transactions to about 8,000 pounds against the dollar, compared to the official rate of 1,500 pounds. The dollar has become a rare currency on the black market.
On Wednesday, parliament passed a law allowing students and their parents to transfer an amount of up to ten thousand dollars at a price of 1,515 pounds to the dollar. This applies to students who started studying abroad before 2020.
The law will take effect after it is published in the Official Gazette.
A number of students had been forced to cancel or postpone plans to start studying abroad in the new academic year as banks refused to transfer dollars abroad to pay the fees.
At the start of the economic crisis, banks pledged to transfer dollars for urgent needs such as medical and tuition fees. However, clients said banks had rejected most of the requests.
"There is no money in the country. Where will these dollars come from?" Said a Lebanese student in France after his parents' savings in Lebanese pounds lost their value.
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