Parliament Amends Banking Law, Approves New Currency, Refers Electoral Bills to Committee

No delay in municipal elections, says Speaker Berri

Speaker of Parliament Nabih Berri adjourned Thursday's legislative session to 6 p.m. and announced that discussions on draft laws related to municipal elections have been postponed and referred to a specialized committee. He reaffirmed that there will be no delay in holding municipal elections.

Addressing sectarian-tinged interventions by MPs, Berri emphasized: "This kind of discourse is unacceptable. As Members of Parliament, we are representatives of the entire nation, as clearly stipulated in the Constitution."

During the session, Parliament passed the Banking Secrecy Law with amendments to Article 3, receiving broad support with 87 votes in favor. The law includes reforms aimed at enhancing financial transparency and accountability.

Parliament also approved a draft law amending Articles 3 through 8 of the Code of Money and Credit, allowing Banque du Liban to issue new banknotes in denominations of 500,000 and 1,000,000 Lebanese pounds, while maintaining the overall money supply in circulation.

Additionally, Parliament postponed for two weeks the debate on a draft law (Decree No. 14277) to increase Lebanon's financial contribution to the International Monetary Fund, following a request by Prime Minister Nawaf Salam.

Lawmakers also dropped the urgency status of two proposed laws: one for the reconstruction of buildings destroyed by Israeli aggression, and another granting exemptions from water and electricity fees and penalties for towns and villages in the South and Nabatieh governorates. The Parliament requested that the government submit a more comprehensive legislative package.

The legislative session, presided over by Speaker Berri, featured a 23-item agenda covering various economic, financial, and social issues. The session opened with a moment of silence in honor of former MP Antoine Saad.

Three draft laws addressing municipal governance in Beirut were also discussed, highlighting the political sensitivity of upcoming local elections.

Interventions:

MP Gebran Bassil, head of the Free Patriotic Movement, highlighted concerns with the amended banking secrecy law, urging full transparency, the removal of time limits on retroactive investigations, and ensuring audit access without bureaucratic obstruction. He also stressed that any implementing measures should come from the Council of Ministers, not unilaterally from the Finance Minister.

MP Sami Gemayel, leader of the Kataeb Party, criticized the timing of debates on Beirut’s municipal election laws, stating: "Structural issues like power-sharing and the governor’s authorities should not be rushed just two weeks ahead of elections." He called for either a one-time consensus to ensure inclusive elections, followed by deeper institutional reforms, or a broader political agreement to guarantee fair representation.