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Protests erupted in Lebanon on Tuesday against the approval of a new law on capital controls, as a joint parliamentary session was held to discuss the proposed legislation.

Capital controls are one of theÌýÌýkey policy recommendations for the Lebanese government with anÌýaid package earmarked by the body for Beirut appearing to hinge on this.

It comes after Lebanon's financial system imploded in 2019, and freezing the bank accounts of most Lebanese.

This economic crisis - one of the biggest in the past two centuries - has led to dire poverty in Lebanon, with prices escalating, savings diminished, and Lebanese unable to access their own money.

Lebanese say the new 'capital control'Ìýlaw will not protect the deposits ofÌýordinaryÌýcitizens and instead remove accountability for bankers and politicians who they view as responsible for .

Protestors marched to the Lebanese parliament in downtownÌý to voice their rejection of theÌýlaw, which is due to be passed by the cabinet.Ìý

"Many claim it fails to protect Lebanese depositors and legitimisesÌýviolations carried by the banking sector"

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The draft law, which was discussed this week in parliament, does not mention depositors'Ìýrights and protections and instead grants huge powers to the Lebanese Central Bank's governor.

Lebanese Deputy Prime Minister Saadeh al-ShamiÌýannounced thatÌýamendments includeÌýthe formation of a committee to determine terms and conditions regarding bank withdrawals in Lebanese pounds and foreign currencies.

It will include representatives from the Central Bank of Lebanon - including the bank's controversialÌýgovernor, Riad Salameh - the ministry of finance, two economists,Ìýand a high-ranking judge.

Prime Minister NajibÌýMikati stressed that one of the government's priorities when it comes to rebuilding the economy is protecting depositors' rights, although few Lebanese are convinced of these assurances.

"The recovery plan prioritises protecting people's rights, re-activating the productive sectors, and also preserving the banking sector - which forms a fundamental part ofÌýany economic recovery,"Ìýhe said during aÌýmeeting with a delegation from the Association of Banks in Lebanon (ABL) on Tuesday.

"Everything being said about negligence towards depositors'Ìýrights, and about strikingÌýthe banking sector just aims to stir up confusion and stoke tensions."ÌýÌý

Lawyer Dina Abou Zour, a member of the Depositors'ÌýUnion in Lebanon, told Al-Araby Al-Jadeed, °®Âþµº's Arabic-language sister publication, that she is concerned about the implications of the new law.

"Any law approved without a genuine, comprehensive and just recovery plan alongside it means what we are facing is a shamÌýlaw that willÌýlegislate and entrench violations of the law and the constitution... and aims to usurp the authority of the judiciary and legitimise flagrant banking violations to benefit those corrupting the state," Abou Zour said.

She also criticsed the planned law's potential to weaken the judiciary, one of the few institutions in Lebanon capable of holding politicians and civil servants to account.

"The crises we face have not gone away, however this law absolves those responsible for the recent period and legalises what they have been doing, attacksÌýequality, the constitution and all the laws"

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"The committee,Ìýwhich has been invented is essentially there to hand the country over to the very system which caused the crises,Ìýis fundamentally unable to solve them," Abou Zour said.

"Besides this,Ìýit includes certain individuals - like the governor of the Central Bank Riad Salameh - who is facing charges both within Lebanon and abroad."

She said the new law would legitimise past abuses by politicians and be an assault on equality, the constitution,Ìýand Lebanese law.Ìý

"It makes depositors bear the losses and seizes full control over people, their money, their transfers and withdrawals. It should be rejected by any standards if it doesn't undergo radical alterations," she added.

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This is an edited translation from our Arabic edition with additional reporting. To read the original article click