A breathing space for Lebanese students abroad

08/20/2020

The economic crisis that has severely hit Lebanon resulting in the inflation of the currency, has greatly affected the living condition of the Lebanese people. However, this no longer applies to people living in Lebanon, but also to the ones residing abroad, particularly students. As the Lebanese pound has deteriorated against the US dollars and the capitol control measures that came as a result of the situation, Lebanese students abroad found themselves struggling as their parents are restricted and incapable of sending over money, be it for tuition or for their expenses. However, the central bank has issued a decision to ameliorate the current situation and grant the Lebanese people some good news.

On the 19th of August, the central bank declared that it shall allow operating banks in Lebanese to carry out money transfers abroad in foreign currency in order to secure payments for: tuition fees, rent and cost of living.

That being said, there are a few conditions for the aforementioned. This involves:

1.      The student must be enrolled in an education institution prior to the year 2019.

2.      Documents must be provided to the bank showing the exact amount of tuitions fees.

3.      Once the tuition is due, it must be immediately transferred to the beneficiary.

4.      The total amount of value transferred cannot exceed the amount of $10, 000 or its equivalence in another foreign currency.

Amid the critical situation that Lebanon has been going through for some time now, the issuance of such a decision by the Central Bank of Lebanon provided the community some sort of breathing space.

 

By: Lana Fadel

Picture source: https://www.freepik.com/free-vector/happy-rich-banker-celebrating-income-growth_8609326.htm#page=1&query=money&position=3

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