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So @BDL_Lebanon issued few circulars that, in my opinion, are breaching the law. It is not the first time #bdl breaches the law. I think it is time whosoever is claiming protecting the interests of the depositors to sue BDL & seek annulment of the circulars via the Conseil D'Etat
@BDL_Lebanon previously restricted the access the the $ transferred by expats and confistxated these fresh dollars forcing the beneficiary to receive Liras and @BDL_Lebanon pocketing the $.
1st #bdl differentiated between commercial and retail / housing loans.Stating that only retail / housing loans can be paid in Lira at the Fictual Lira/$ exchange rate of 1507.5
2nd #bdl differentatiated between residents, penalizing the non-residents
Non-residents (in majority the diaspora that was supporting the lebanese #riadponzi) can only pay their housing / retail $ loans at the exchange rate determined by the electronic platform supervised by the lovely advisor to @RiadSalemeh
And their other loans in Fresh $
By definition, #bdl circulars cannot contradict the laws.
Installing a differentiation between debtors based on their residency is illegal.
Same installing a differentiation of loans repayment based on their nature is equally illegal.
Now we come to the shameful circular 13262 asking the banks to "encourage" their customers who since 7/ 2017 transferred aborad an amount exceeding $500K to put a deposit of Fresh $ in Special Account
@BDL_Lebanon and the Awards winning governor exceeded themselves this time.
Customers will be encouraged to pay 15 % or 30% (if the customer was a bank board member, senior management, major shareholders or a Politically Exppsed Person (PEP)) of the amohnt transferred
This special account will not have a cap on the earned interest ( so expect to see interest between 10% and 20%)


It will be given the guarantees that it will be paid back in 5 years
What @BDL_Lebanon did not say:
- by encouraging banks BODs, senior management, major shareholders and PEPs to deposit 30% is a posion in honey formula for the current depositors because these guys will have a priority over the curent depositors.
All the above benefited from the #riadponzi and the #bdl financial engineering should have a pay back the excess profits (clawback).
But a clawback benefits the current depositors.
And a recapitalization of bankrpt lebanese banks (as most of them are defective bankrupt) means that the money will come as capital and benefits the current depositors.
So in order to screw the little guy current depositor, the Lebanese engenuity capitalism opted to..
Give the depositor second rank in priority for his deposit and pacing the shareholders of banks in first priority that have no more to recapiyalise the banks but simply to "deposit" Fresh $ at exorbitant interest rate with no cap and having all the necessary guarantees...
All depositors are equal But some depoaitors are more equal than others
Shame on a banking system that do not admit the mistakes
Shame on a banking elite that thinks they can fool their own poeple
Encouraging or حث does not have a place in a legal context. It is either allowed, forbiden, or ordered vs permissible. It is a circular لذر الرماد في العيون
Also, how qould you apply this circular when there is banking secrecy. How would you know who transfered more than $500K
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