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Lebanon: Fears over Possible Measures on Bank Depositors

A demonstrator looks on as Lebanese policemen stand guard outside the Central Bank in Beirut last year. AFP file photo
A demonstrator looks on as Lebanese policemen stand guard outside the Central Bank in Beirut last year. AFP file photo
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Lebanon: Fears over Possible Measures on Bank Depositors

A demonstrator looks on as Lebanese policemen stand guard outside the Central Bank in Beirut last year. AFP file photo
A demonstrator looks on as Lebanese policemen stand guard outside the Central Bank in Beirut last year. AFP file photo

A request by Lebanon’s Central Bank Governor for extra powers to standardize banking controls has sparked fears among depositors concerning the measures Riad Salameh plans to impose.

Last week, Salameh sent a letter to caretaker Finance Minister Ali Hassan Khalil asking for the extra powers.

The letter sparked rumors on the possibility of imposing new measures on depositors, although the Governor denies such plans.

Lebanese economist and former finance minister Georges Corm told Asharq Al-Awsat on Thursday that no extra powers would be granted to the Central Bank.

“The problem is that depositors no longer trust the Central Bank or the monetary system that has been in place for the past 30 years,” he said.

Corm explained that 80 percent of bank reserves were deposited at the Central Bank. “This is unhealthy,” he said.

Since October, banks have been imposing strict measures on capitals and withdrawals.

They have blocked nearly all transfers abroad and curbed dollar withdrawals - including limits of $200 a week.

Economic Expert Mohamad Zbib warned from any attempt by Salameh to legalize the tight measures already imposed on bank accounts.

Such measures are illegal because they did not come in the form of a circular, which is usually written and requires an amendment of the Code of Currency and Credit.

“Those measures are already unfair to employees and medium and small depositors, and therefore, we should get rid of them instead of legalizing them,” Zbib told Asharq Al-Awsat.

For his part, lawyer Jad Tohmeh said that Khalil was not authorized to grant Salameh extra powers.

“Requesting those powers requires legal measures taken by the Parliament,” he added.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.