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Capital controls: IMF and BDL clash over Lebanon's financial future
News Bulletin Reports
2023-08-14 | 09:43
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Capital controls: IMF and BDL clash over Lebanon's financial future
Lebanon is grappling with discussions over proposed capital control legislation, with neither the International Monetary Fund (IMF) nor the Banque du Liban (BDL) satisfied with the current formulation.
The BDL seeks specific amendments, including encompassing restrictions on Lebanese lira holdings.
At the same time, reports suggest that the IMF is leaning towards including capital controls solely for fresh dollars in banks related to transfers rather than withdrawals.
Ultimately, the fate of this issue rests with the Lebanese government.
Sources closely following the matter assert that if capital controls were to encompass outbound transfers of fresh dollar deposits abroad, the account holders could still withdraw funds freely, raising concerns about such regulations' effectiveness.
Notably, some deposit holders have already reacted to discussions of capital controls by initiating withdrawals from banks.
These sources emphasize that the core objective of capital controls is to prevent significant outflows of US dollars from Lebanon and curb the manipulation of the exchange rate by using the Lebanese lira for speculative purposes.
However, the sources suggest imposing high customs fees on domestically produced goods that Lebanon has, exceeding, for instance, 300 percent of the import price. This measure could reduce imports in light of its high costs and limit dollar outflows, concurrently generating additional revenue for the treasury.
These sources propose that capital controls would not directly impact the fresh dollar holdings of Lebanese citizens; instead, the priority lies in achieving a balance in the trade balance.
Lebanon annually imports around $19 billion while exporting $3.5 billion annually, with the substantial difference often covered by financial inflows, including remittances from expatriate Lebanese. It is crucial for the state to simultaneously tighten customs enforcement and border control to prevent both legitimate and illicit smuggling activities.
As Lebanon grapples with economic challenges and a need for financial stability, the discussions around capital control measures underscore the complexity of finding a balanced approach to safeguarding the nation's financial well-being.
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