BEIRUT (Reuters) – The Lebanese parliament has passed a law allowing students abroad to transfer $10,000 out of Lebanon at an official exchange rate far below the street rate, a move to help those struggling to pay foreign fees amid a deep economic crisis.
Lebanon’s banking system has been paralysed since last year, as a liquidity crunch left the nation unable to repay its massive debts. Lebanon’s pound crashed, while banks severely restricted dollar withdrawals, blocked transfers and cut card spending limits abroad down to as little as $15 a month.
This left many Lebanese students around the world struggling to pay fees or meet daily expenses.
Many Lebanese remain sceptical banks will deliver even with a new law, after a year in which the banks have tightened controls on transfers even without legislation in place.
The street value of the Lebanese pound — officially pegged at 1,500 to the