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Al-Araby
Al-Araby
A British court ruled on Friday in favour of a Lebanese bank in a case brought by a depositor barred from transferring funds abroad because of capital controls in place since Lebanon’s financial system collapsed in 2019. The court ruled that BLOM Bank could be considered to have discharged its debt to the plaintiff, Bilal Khalifeh, by issuing a cheque in Lebanon. Banks have imposed tight controls on accounts, including a de facto ban on transfers abroad and local withdrawals of dollar-denominated deposits in dollars, but the controls have been challenged in Lebanese and international courts. B…