The Finance and Budget Committee, chaired by MP Ibrahim Kanaan, approved on Wednesday a legislative amendment authorizing the Central Bank of Lebanon (BDL) to issue new banknotes, including a denomination of LBP 5 million.
The move, seen as emblematic of the national currency’s collapse, was justified as a technical step to facilitate daily transactions.
The committee’s agenda also covered a series of sensitive issues, among them amendments to the Currency and Credit Code, additional funding for public sector retirees and the status of Internal Security Forces (ISF) members who deserted since 2019. Under the amendment, deserters will now be considered formally dismissed, losing both their military status and financial rights.
Kanaan announced that the committee approved an additional credit of LBP 2 trillion to finance a monthly increase of LBP 12 million for all public sector retirees. While describing the measure as a necessary relief, he warned that it remained insufficient. “What is needed is a comprehensive solution, not one-off measures,” he said.
The committee also requested a detailed statement from the Treasury Department on its accounts, revenues and any additional expenditures projected before the end of the year.
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