The Lebanese government approves a draft law to partly unfreeze bank deposits for account holders.

The Lebanese cabinet has approved a draft law aimed at allowing depositors to retrieve funds trapped in the banking system for years, which is a key step in resolving the country's financial crisis. Lebanese Prime Minister Najib Mikati stated that once the law is approved by parliament, depositors can apply to retrieve up to $100,000 over the next four years. Funds exceeding this limit will be converted into bonds supported by central bank assets. Lebanon has been mired in an economic crisis since defaulting on around $30 billion of international bonds in 2020. In the years leading up to the crisis, Lebanese banks had deposited billions of dollars in the central bank. With foreign inflows drying up in 2019, the peg between the Lebanese pound and the US dollar collapsed. At that time, the central bank was unable to repay around $80 billion to banks.