The Lebanese House of Representatives approved the Student Dollar Law, which aims to oblige banks to disburse $10,000 for university students studying abroad.
The money can be disbursed according to the official exchange of 8,000 LBP and will be applicable for students enrolled in universities overseas before the year 2020-2021.
Due to the informal capital control imposed by the banks, many Lebanese families were restricted to transfer funds for their children’s education abroad, propelling these students into unnecessary hardships in the host countries.
Protests for their rights to use their own funds in banks to secure their children abroad have been many as well as lawsuits against the banks to no avail.
The financial collapse and the neglect of the ruling body to manage the crises have brought many problems to the younger generation, leaving them with a very unclear future, not knowing whether to stay in Lebanon or emigrate for a chance at a better future.
The harsh capital control has similarly impacted the locals as well as Lebanese immigrants abroad relying on the rent of their property in Lebanon to pay for their own in the host country. Banks would not allow the transfer of their rent deposited by the tenants.
Protests and activism continue in Lebanon by depositors demanding their right to their money in banks. The Student Dollar Law has solved just one problem among the many involving the informal capital control, which the government has still to regulate.